US stocks rebound from multi-day skid as concerns over Fed stimulus slowdown ease

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US stocks jumped higher on Friday, partly rebounding from a four-day losing streak as concerns over the Fed’s tapering schedule began to ease.

Investors have been looking for clues as to when the Federal Reserve may begin to wind down its monthly $120 billion bond purchases implemented amid the COVID-19 pandemic to shore up credit markets. But a weak August jobs report has investors less concerned about the tapering schedule as the Fed leans more dovish.

President Biden’s more than hour-long conversation with Chinese President Xi Jinping could also be lifting market sentiment on Friday, as hope builds that trade relations between the two countries will be improved.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Shares of buy now, pay later provider Affirm soared as much as 22% on Friday after the company reported better-than-expected revenue for its fiscal fourth-quarter, and raised revenue guidance for its fiscal year of 2022.

Cathie Wood’s Ark Invest sold more than $100 million worth of Tesla this week, according to daily trade updates. The sales come even as Ark believes Tesla could soar 300% from current levels.

Oil prices jumped. West Texas Intermediate crude was up as much as 2.35%, to $69.74 per barrel. Brent crude, oil’s international benchmark, jumped 2.18%, to $73.01 per barrel.

Gold fell as much as 0.21%, to $1,796.30 per ounce.

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US stocks mixed with Nasdaq hitting records as investors mull prospects for the economy

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US stocks were mixed on Tuesday, with the Nasdaq hitting record highs while the Dow Jones Industrial Average fell more than 250 points.

Ongoing economic uncertainty was in focus on Tuesday after Goldman Sachs downgraded its 2021 GDP forecast to 5.7% from a prior estimate of 6.2% due to the ongoing spread of the COVID-19 Delta variant. The downgrade came after last week’s soft August jobs report, with the US adding only 235,000 jobs.

“The Delta variant is already weighing on Q3 growth, and fading fiscal stimulus and a slower service-sector recovery will both be headwinds in the medium term,” Goldman said.

But mega-cap tech stocks shined on Tuesday, with both Apple and Netflix cruising to record all-time highs. Apple sent out invitations for a September 14 media event where it will likely reveal its iPhone 13 lineup.

Here’s where US indexes stood at the 4:00 p.m. ET close on Tuesday:

Bitcoin and ether both staged intra-day declines of about 20% on Tuesday, while other altcoins like dogecoin fell about 30%. The moves in crypto came as El Salvador officially adopted bitcoin as legal tender on Tuesday.

The heightened volatility in cryptocoins caused a service disruption at Coinbase, causing shares to fall as much as 6%. The crypto exchange platform said some transactions were delayed or canceled, but the issue has since been resolved.

Shares of Match Group soared as much as 15% in early Tuesday trades after it was selected to be added to the S&P 500 index later this month.

Solana’s sol token rocketed 37% higher in the past 24 hours as the cryptocurrency pulled in record investments thanks to its DeFi and NFT capabilities.

George Soros slammed BlackRock’s investment push into China as a “tragic mistake” that will ultimately hurt the US.

Shares of Tesla jumped as much as 4% to its highest level in four months amid a bullish technical setup in which its 50-day moving average crossed above its 200-day moving average.

Oil prices fell. West Texas Intermediate crude was down as much as 1.63%, to $68.16 per barrel. Brent crude, oil’s international benchmark, fell 0.83%, to $71.64 per barrel.

Gold fell as much as 2.02%, to $1,796.60 per ounce.

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S&P 500 hits 54th record close of the year ahead of crucial jobs report

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  • US stocks closed higher on Thursday as investors await Friday’s crucial jobs report.
  • The S&P 500 closed at a record high for the 54th time of the year, while the Nasdaq also hit a new record close.
  • Jobless claims fell to 340,000 last week, beating Bloomberg economist estimates of 345,000.
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US stocks gained on Thursday, with the S&P 500 and Nasdaq both closing at record highs ahead of Friday’s crucial jobs report. For the S&P 500, it was the 54th record close of 2021.

The August jobs report will likely influence the Fed’s decision as to when to and how much it should taper its monthly bond purchases of $120 billion, which was put into place to calm credit markets during the pandemic.

Meanwhile, jobless claims fell to their lowest level since March 2020 last week, hitting 340,000. That beat economist estimates of 345,000. Continuing claims fell to 2.75 million for the week, coming in slightly below estimates.

The jobless claims data signals ongoing strength in the economic recovery from COVID-19, which coincides with a strong second-quarter earnings season from S&P 500 companies.

Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:

Despite the stock market’s ongoing record surge, there are still risks that could derail the historic rally. DataTrek’s Nicholas Colas outlined seven potential risks that could push stocks lower into year-end.

Shares of Chewy plunged as much as 10% after second-quarter earnings results missed analyst estimates and showed a slow-down in growth.

The US division of Binance is considering an IPO within the next three years as cryptocurrency interest soars among investors.

Also in crypto, the IRS said it posed as a crypto trader called “Mr. Coins” in a $180,000 dark-web drug sting. Cryptocurrencies are often used as a form of payment for dark-web marketplaces.

Beijing will set up a new stock exchange in the capital to support and facilitate the development of small and medium sized businesses, China’s president Xi Jinping said on Thursday.

Cardano’s ada cryptocurrency soared above $3 for the first time ever on Thursday after network upgrades enabled smart contracts. Meanwhile, JPMorgan believes the surge in retail trading spilled over to cryptocurrency altcoins that have seen a surge in popularity this summer.

Oil prices jumped. West Texas Intermediate crude was up as much as 1.71%, to $69.76 per barrel. Brent crude, oil’s international benchmark, rose 1.70%, to $72.81 per barrel.

Gold fell as much as 0.24%, to $1,811.60 per ounce.

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S&P 500, Nasdaq hits record highs after jobless claims fall to lowest since March 2020

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  • The S&P 500 and Nasdaq hit record highs Thursday after jobless claims fell to the lowest level since March 2020.
  • Jobless claims fell to 340,000 last week, beating Bloomberg economist estimates of 345,000.
  • Continuing claims fell to 2.75 million for the week, coming in slightly below estimates.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks moved higher on Thursday, with the S&P 500 and Nasdaq hitting record highs after jobless claims fell to their lowest level since March 2020.

Jobless claims fell to 340,000 last week, beating economist estimates of 345,000. Meanwhile, continuing claims fell to 2.75 million for the week, coming in slightly below estimates.

The jobless claims data signals ongoing strength in the economic recovery from COVID-19, which coincides with a strong second-quarter earnings season from S&P 500 companies.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

Shares of Chewy plunged as much as 10% after second-quarter earnings results missed analyst estimates and showed a slow-down in growth.

The US division of Binance is considering an IPO within the next three years as cryptocurrency interest soars among investors.

Cardano’s ada cryptocurrency soared above $3 for the first time ever on Thursday after network upgrades enabled smart contracts.

JPMorgan believes the surge in retail trading spilled over to cryptocurrency altcoins that have seen a surge in popularity this summer.

Oil prices jumped. West Texas Intermediate crude was up as much as 1.30%, to $69.48 per barrel. Brent crude, oil’s international benchmark, rose 1.10%, to $72.38 per barrel.

Gold fell as much as 0.08%, to $1,814.60 per ounce.

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US stocks close at record highs after Powell eases tapering concerns during Jackson Hole speech

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  • US stocks closed at record highs on Friday after Fed Chairman Jerome Powell eased investor concerns about tapering its monthly bond purchases.
  • The S&P 500 and Nasdaq closed at record highs, while the Dow Jones soared nearly 250 points.
  • Powell signaled that any decision on tapering its monthly bond purchases would be independent from its decision on raising interest rates.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks closed at record highs on Friday after Fed Chairman Jerome Powell eased investor concerns about tapering its monthly bond purchases during the Jackson Hole speech.

The record close for the S&P 500 represented its 52nd close so far this year. The Nasdaq also closed at record highs, while the Dow Jones was up nearly 250 points.

Powell signaled that the decision to taper the Fed’s monthly bond purchases, which total about $120 billion, would be made independent of raising interest rates. The Fed still doesn’t expect to raise interest rates until at least 2023, as it continues to monitor progress of the economic recovery from COVID-19.

Here’s where US indexes stood at the 4:00 p.m. ET close on Friday:

Poly Network said all of the $610 million stolen by a hacker earlier this month has been returned after Tether released the final $33 million that was frozen.

Shares of Support.com extended a 2-day surge to 150% amid an apparent short-squeeze and increased social media chatter.

Rivian has confidentially filed for an IPO with the SEC, according to a Friday press release. The electric vehicle maker is seeking a valuation of up to $80 billion, and hopes to go public in late November, according to Bloomberg.

Bank of America gave four reasons why shares of Oatly could pop as much as 79% as it scales up production to meet demand for its oat milk products.

China intends to ban US stock listings for tech companies that have troves of sensitive user data, according to a report. The move comes following the troubled IPO of ride-hailing giant Didi.

Apple CEO Tim Cook sold $750 million worth of shares he received in a performance payout, netting him a total $355 million after paying taxes.

Oil prices jumped. West Texas Intermediate crude was up as much as 2.09%, to $68.83 per barrel. Brent crude, oil’s international benchmark, rose 2.21%, to $72.64 per barrel.

Gold jumped as much as 1.46 %, to $1,821.20 per ounce.

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US stocks edge higher as all eyes on Powell’s economic policy speech

Jerome Powell reads document while speaking in front of the Senate.
Jerome Powell testifies about the CARES Act report on December 1, 2020.

  • US stocks moved higher on Friday with all eyes on Fed Chairman Jerome Powell’s economic policy speech.
  • Investors will be looking for clues as to when the Fed may begin tapering its monthly bond purchases.
  • The Jackson Hole speech will be virtual due to the rising spread of COVID-19’s Delta variant.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks edged higher on Friday as all eyes are on Fed Chairman Jerome Powell’s Friday economic policy speech.

Powell and Fed governors are set to meet for their annual Jackson Hole meeting today, though the event has been changed to virtual format following the recent surge in COVID-19 Delta cases.

Top of mind for investors is the Fed’s move to potentially begin tapering its monthly bond purchases, which were put into place amid the COVID-19 pandemic to calm down credit markets and ensure companies could raise debt.

Recent minutes from July’s meeting suggested that the Fed may begin tapering its $120 billion of monthly bond purchases before year-end, but not all members were on the same page.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Poly Network said all of the $610 million stolen by a hacker earlier this month has been returned after Tether released the final $33 million that was frozen.

Bank of America gave four reasons why shares of Oatly could pop as much as 79% as it scales up production to meet demand for its oat milk products.

China intends to ban US stock listings for tech companies that have troves of sensitive user data, according to a report. The move comes following the troubled IPO of ride-hailing giant Didi.

Apple CEO Tim Cook sold $750 million worth of shares he received in a performance payout, netting him a total $355 million after paying taxes.

Oil prices jumped. West Texas Intermediate crude was up as much as 2.09%, to $68.83 per barrel. Brent crude, oil’s international benchmark, rose 1.79%, to $72.32 per barrel.

Gold fell as much as 0.09%, to $1,793.60 per ounce.

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US stocks close at fresh records amid FDA approval of COVID-19 vaccine

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US stocks rebounded from last week’s losses and closed at record highs on Monday.

The S&P 500 and Nasdaq 100 closed at record levels, while the Dow Jones traded up more than 200 points. The move higher came amid the FDA’s first official approval of Pfizer’s COVID-19 vaccine. Officials hope the vaccine approval will speed up vaccination rates among hesitant people.

And investors likely think a potential boost in vaccination rates will help squash the ongoing surge in the COVID-19 delta variant and lead to a continued reopening of the economy.

Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:

Cryptocurrencies surged on Monday, with bitcoin topping the $50,000 level for the first time in three months. Meanwhile, cardano surged to an all-time high just below $3, and became the third largest cryptocurrency in the world by market value.

PayPal is looking to expand its presence in the crypto space, and will now allow customers in the UK to buy, hold, and sell four digital tokens. Those tokens are bitcoin, ethereum, litecoin, and bitcoin cash.

Richard Branson is continuing his SPAC spree with new plans to bring Virgin Orbit public. The deal will value the satellite-launching company at $3.7 billion. Virgin Orbit was previously spun off from Virgin Galactic.

Robinhood received its first Wall Street analyst notes on Monday, with a mixed bag of views on the outlook for the popular brokerage app.

Shares of Trillium Therapeutics soared as much as 200% on Monday after Pfizer agreed to acquire the oncology company for $2.3 billion. Pfizer was up as much as 5% in Monday trades following the approval by the FDA of its vaccine.

Oil prices jumped. West Texas Intermediate crude was up as much as 5.34%, to $65.47 per barrel. Brent crude, oil’s international benchmark, rose 5.23%, to $68.59 per barrel.

Gold jumped as much as 1.25%, to $1,806.30 per ounce.

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US stocks fall as Fed minutes show the central bank will likely taper bond purchases this year

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A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 24, 2020.


US stocks closed lower on Wednesday after the Fed’s July meeting minutes revealed a general consensus that the central bank should begin tapering its monthly bond purchases by year-end.

The Fed began its bond buying purchase in response to the COVID-19 pandemic more than a year ago in an effort to stabilize credit markets to ensure the ability for a company to raise money via debt. But now, the economy and job growth has made enough progress and was the Fed’s inflation goals are within reach, according to the minutes.

“Looking ahead, most participants noted that, provided that the economy were to evolve broadly as they anticipated, they judged that it could be appropriate to start reducing the pace of asset purchases this year,” the minutes said.

The Fed remained divided on when exactly the Fed should taper, how much the Fed should taper each month, and when the Fed should begin to raise interest rates.

Here’s where US indexes stood at the 4:00 p.m. ET close on Wednesday:

Investment analyst Sean Bandazian of Cornerstone Wealth said volatility will hit markets no matter how transparent the Fed is with its bond tapering program and eventual rate hikes.

“Both the Fed and market participants learned lessons from the Taper Tantrum. While we expect less of a surprise this time around there is still reason to believe we will see volatility throughout areas of the market with high sensitivity to interest rates,” Bandazian said.

The future of dogecoin could be getting a potential boost after ethereum co-creator Vitalik Buterin joined the token’s foundation.

The Federal Reserve’s Neel Kashkari said cryptocurrencies are 95% fraud, hype, and noise, and scoffed at the idea of creating his own “neelcoin.”

BlackRock is unfazed by the recent regulatory crackdown in Beijing, with the investment giant recommending investors triple their allocations in Chinese assets, according to a FT report.

Meanwhile, the regulatory carnage in China has led Taiwan Semiconductor to become Asia’s most valuable company following the recent decline in Tencent.

Oil prices fell. West Texas Intermediate crude was down as much as 2.88%, to $64.67 per barrel. Brent crude, oil’s international benchmark, dropped 1.97%, to $67.67 per barrel.

Gold fell as much as 0.02%, to $1,787.50 per ounce.

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US stocks continue retreat as investors weigh retail earnings reports

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Traders work on the floor at the opening bell of the Dow Industrial Average at the New York Stock Exchange on March 18, 2020 in New York.


US stocks traded lower on Wednesday, extending their two-day decline from record highs reached on Monday.

The decline in stocks comes amid a flood of second-quarter earnings results from retailers like Home Depot, Target, and Walmart. While results were ahead of analyst expectations for all three retailers, concerns about future guidance and peak growth led to a sell-off in the stocks.

The move lower on Wednesday also comes amid reports that The White House is expected to recommend a third COVID-19 booster vaccine shot for all adults later today, as the country scrambles to combat the recent surge in daily cases of the Delta variant.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:

The future of dogecoin could be getting a potential boost after ethereum co-creator Vitalik Buterin joined the token’s foundation.

The Federal Reserve’s Neel Kashkari said cryptocurrencies are 95% fraud, hype, and noise, and scoffed at the idea of creating his own “neelcoin.”

BlackRock is unfazed by the recent regulatory crackdown in Beijing, with the investment giant recommending investors triple their allocations in Chinese assets, according to a FT report.

Oil prices jumped. West Texas Intermediate crude was up as much as 0.27%, to $66.77 per barrel. Brent crude, oil’s international benchmark, rose 0.88%, to $69.64 per barrel.

Gold jumped as much as 0.15%, to $1,790.50 per ounce.

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US stocks edge lower from record highs as jobless claims fall for a 3rd week in a row

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US stocks edged lower on Thursday, with the Dow Jones and S&P 500 hovering just below record highs as weekly jobless claims fell for a third week in a row.

Jobless claims declined to 375,000 last week, representing the lowest reading since the pandemic began more than 15 months ago. Continuing claims fell to 2.87 million, beating the consensus estimate of 2.9 million.

The encouraging jobless claims reading suggest the ongoing rise of the COVID-19 Delta variant isn’t slowing down job gains yet, with Americans slowly getting back to work. The data comes following July’s blockbuster jobs report, with the country gaining nearly 1 million jobs last month.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

Read more: Investing legend Laszlo Birinyi shares how to cash in on a bullish stock-market trade that’s already earned him 250% this year – and explains why he’s not worried about an imminent correction

Shares of Palantir surged as much as 9% on Thursday after the data-analytics company reported second-quarter earnings that beat analyst estimates.

A strong earnings report from Clover Health, backed by Chamath Palihapitiya, helped shares soar 19% as revenue forecasts topped estimates.

China signaled that its tech crackdown isn’t ending anytime soon, and it called for tougher rules in other key industries.

Oil prices slid. West Texas Intermediate crude was down as much as 0.8%, to $68.68 per barrel. Brent crude, oil’s international benchmark, fell 0.6%, to $70.99 per barrel, at intraday lows.

Gold fell as much as 0.6%, to $1,741.68 per ounce.

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