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VIX 20 percent jump could be message for stocks
http://www.cnbc.com/id/101819931
After-hours buzz: Alcoa, Container Store, Bob Evans & more
http://www.cnbc.com/id/101820272
U.S. stocks fall; momentum plays hit hard
Biotech, Internet stocks slump
NEW YORK (MarketWatch) — So-called momentum plays led a selloff in U.S. stocks on Tuesday that pulled the Dow Jones Industrial Average and S&P 500 further from record levels.
The Dow Jones Industrial Average (DJI:DJIA) dropped 117.59 points, or 0.7%, to a preliminary 16,906.62, while the S&P 500 (SNC:SPX) shed 13.94 points, or 0.7%, to 1,963.71. The Nasdaq Composite (NASDAQ:COMP) lost 60.07 points, or 1.35%, to 4,391.46. The iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) fell 2.1%, while Global X Social Media Index ETF (NASDAQ:SOCL) fell 3.85%.
Rob Stein, chief executive officer of Astor Investment Management, said investors shouldn’t be alarmed by Tuesday’s pullback.
“When markets reach new peaks, investors tend to take opportunity and lighten up and rebalance. We think the economy is in its midcycle and has more room to grow. In this environment our risk-reward model is still favoring stocks with decent expected returns for the next several quarters,” Stein said.
The latest earnings season get its unofficial kickoff after the market’s close, as Alcoa Inc. releases its second-quarter results.
Investors had a light load of economic news to digest during the session. A small-business optimism index showed a June dip amid a big fall in those who expect the economy to improve. Job openings at U.S. workplaces rose to 4.64 million in May — the most since June 2007 — from 4.46 million in April.
Richmond Federal Reserve President Jeffrey Lacker said the Fed must be pre-emptive, hiking rates before inflation emerges. In contrast, Minneapolis Fed President Narayana Kocherlakota downplayed recent higher readings on inflation, saying he expects the price level to stay below the central bank’s target for several more years, possibly even until 2018. http://www.marketwatch.com/story/dows-hold-on-17000-looks-shaky-as-alcoa-looms-2014-07-08
Gold futures settle at a more than two-week low
SAN FRANCISCO (MarketWatch) -- Gold futures on Tuesday settled at their lowest level in more than two weeks, stretching their losses to a third consecutive session. "Gold is having trouble sustaining rallies above $1,325," said Jason Rotman, president of Lido Isle Advisors. "We believe both gold and silver will likely head higher from here, however, as they both have been beaten down quite a bit over the past 2 years." August gold (CNS:GCQ4) fell 50 cents to settle at $1,316.50 an ounce on Comex. Tracking the most-active contracts, prices closed at their lowest level since June 20.
U.S. consumer credit remains strong in May
WASHINGTON (MarketWatch) -- U.S. consumer credit growth remained strong in May but not at the fast pace seen in April, the Federal Reserve reported Tuesday. U.S. consumers increased their debt in May by a seasonally adjusted $19.6 billion, down from a revised $26.1 billion gain in the prior month. This was close to the market consensus. Monthly debt rose at a 7.4% annual rate in May, compared with a 10.0% rate in the prior month, which was the strongest rate since July 2011. Non-revolving category of debt, especially federal student loans, stayed strong, rising $17.8 billion or 9.3% in May, the third straight month of a 9% gain. Credit-card debt increased $1.8 billion or 2.5% after a surge of $8.8 billion, or 12.3% in the prior month. That gain in April was the highest annual rate of credit-card debt since November 2001.
Brandy Keen, vice president of sales at Surna (SRNA), a company that purchases cannabis-related intellectual property, observes that her industry has a mixture of women from traditional and non-traditional professional backgrounds.
"I think maybe this industry, being a little bit more of a liberal industry, it would segue into women maybe being more comfortable having a voice in the industry," she said, "so I think that probably contributes."
Keen's professional background was in semiconductor sales, but she was drawn into the cannabis industry because of a personal issue.
"My husband has epilepsy, and used to take a drug that said on the warnings, 'We do not know how this drug works.'" she remembers. "And that was always terrifying to me, that he had to take this drug that we really didn't know what it was doing to his brain. And so we moved to Colorado and he started using cannabis oil, and he has not taken that drug in three years."
Keen acknowledges not everyone will prosper as the cannabis industry expands. "And the only way to predict who the winners and losers are," she said, "are the people who have a solid business model and solid management, and are doing the right things."
But she's also encouraged by the number of women who are opting for a career in cannabis. "There are a lot of women who are very smart, very confident, running very difficult businesses to run," she said, "and doing a damn good job at it." http://www.cbsnews.com/news/cannabis-a-new-job-frontier-for-women/
Dow 17,000 is on the wrong side of history
Opinion: Since 1929, stock-market rallies have had things in common that this one doesn’t
SAN FRANCISCO (MarketWatch) — Today’s bull market is the fourth biggest since the 1929 crash after stocks have nearly tripled since the financial-crisis low set in early 2009.
But more than any modern bull market, this one stands alone in that it’s squarely out of step with economic growth. It’s being driven higher by just a few wealthy participants and traders who have tacitly, perhaps even unknowingly, agreed to drive prices higher.
The main reason for that is two-fold. http://www.marketwatch.com/story/dow-17000-is-on-the-wrong-side-of-history-2014-07-08
Dow’s hold on 17,000 looks shaky as Alcoa looms
Job openings and two Fed speakers on Tuesday’s calendar
MADRID (MarketWatch) —The Dow Jones Industrial Average could be battling to keep a grip on that key 17,000 level if stock futures for Tuesday are any indication of how the session will go for markets.
Futures pointed south as investors looked ahead to the unofficial start of earnings season and Alcoa Inc. results after the close of trading, while job openings data and two Federal Reserve speakers are also on tap.
Futures for the Dow industrials (CBE:DJU4) fell 28 points to 16,917, while those for the S&P 500 index (GLC:SPU4) eased 4.2 points to 1,966.80. Futures for the Nasdaq-100 index (GLC:NDU4) backed off 5 points to 3,899.25. http://www.marketwatch.com/story/dows-hold-on-17000-looks-shaky-as-alcoa-looms-2014-07-08
Gold rebounds after two days of dings
LOS ANGELES (MarketWatch) — Gold prices got back on track Tuesday, pushing higher after a couple of down days as investors seem to have gotten their short-term fill on equities.
Gold for August delivery (CNS:GCQ4) was up $2.50 an ounce to $1,319.50 an ounce. September silver (CNS:SIU4) added 6 cents, or 0.3%, to $21.08 an ounce.
On Monday, gold closed at its lowest level in more than a week, extending recent declines even as the shine, at least temporarily, dimmed on equities.
If you think trading has been slow in the past few weeks, just wait, says Marex Spectron’s manager of precious metals David Govett.
“I still feel that the market has done enough on the upside for the time being, although having said that, the downside is fairly limited,” he said. “I think we have now well and truly entered the summer doldrums and wouldn’t hold out a lot of hope for fireworks in the near future.” http://www.marketwatch.com/story/gold-rebounds-after-two-days-of-dings-2014-07-08
After-hours buzz: Alcoa, Apple, Delta & more
http://www.cnbc.com/id/101816854
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U.S. stocks end lower; Biotechs, Internet stock sell off
Earnings season kicks off with Alcoa on Tuesday
NEW YORK (MarketWatch) — The U.S. stock market on Monday gave up some of last week’s gains that sent the Dow Jones Industrial Average above 17,000 for the first time.
Investors took a step back to reassess Thursday’s stronger-than-expected jobs report while awaiting second-quarter earnings that start trickling in this week.
The S&P 500 (SNC:SPX) closed 7.8 points, or 0.4%, lower at 1,977.65, with only the defensive sectors, such as utilities, telecoms and consumer staples, ending with modest gains.
The Dow Jones Industrial Average (DJI:DJIA) fell 44.05 points, or 0.3%, to 17,024.21. The Nasdaq Composite (NASDAQ:COMP) was dragged down by losses in biotech and Internet companies, ending the day down 34.4 points, or 0.8%, to 4,451.53.
The Russell 2000 (RSU:RUT) underperformed other benchmarks, falling 21.31 points, or 1.8%, to preliminary 1,186.84.
Read the recap of MarketWatch’s live blog of today’s stock-market action .
Kristina Hooper, U.S. investment strategist at Allianz Global Investors, said investors overreacted to last week’s jobs data, as it’s likely that inflation, not a stronger economy, will be what pushes the Fed to raise interest rates.
“Investors are digesting and rereading the jobs report, hence we are saying markets pausing after record levels. Still, we think markets are too liberal in expecting rate hikes in the second half of 2015 and will be surprised if it happens sooner,” she said. http://www.marketwatch.com/story/us-stocks-futures-slip-adm-in-3-billion-deal-2014-07-07
Stocks retreat from record highs
U.S. stock market losses led by small companies
Earnings season kicks off with Alcoa on Tuesday
NEW YORK (MarketWatch) — The U.S. stock market fell on Monday, with the tech and small companies leading the losses. The main benchmarks retreated from record levels reached Thursday, as investors gear up for the second-quarter earnings season. http://www.marketwatch.com/story/us-stocks-futures-slip-adm-in-3-billion-deal-2014-07-07
Early movers: AAPL, KING, BA, IBM, APP, ADM & more
http://www.cnbc.com/id/101815506
U.S. stocks: Futures slip; ADM in $3 billion deal
Pullback after benchmarks hit record highs last week
LONDON (MarketWatch) — U.S. stock futures pulled back Monday, as investors return from a long holiday weekend with major benchmarks sitting at record highs, and before the second-quarter earnings season gets rolling this week.
Futures for the S&P 500 (GLC:SPU4) lost 3 points to 1,975, while those for the Dow Jones Industrial Average (CBE:DJU4) fell 18 points to 16,958. Futures for the Nasdaq 100 (GLC:NDU4) fell 6 points to 3,910.50.
Investors will be able to ease into Monday’s session without confronting major economic data or assessing speeches from Federal Reserve members. The market did see fireworks Thursday after the June U.S. jobs report outstripped expectations, spurring the Dow Jones Industrial Average (DJI:DJIA) to close above the 17,000 level for the first time, and the S&P 500 index (SNC:SPX) to set a new closing high just north of 1,985.44. http://www.marketwatch.com/story/us-stocks-futures-slip-adm-in-3-billion-deal-2014-07-07
Why trading volume is tumbling, explained in 5 charts
http://www.marketwatch.com/story/why-trading-volume-is-tumbling-explained-in-5-charts-2014-07-07
Gold dips as traders return from holiday
LOS ANGELES (MarketWatch) — Gold prices edged lower on Monday, extending the prior session’s loss, which saw investors opt for equities in a rally that pushed the Dow industrials past 17,000 for the first time ever.
Gold ended the holiday-shortened week with its first loss in five sessions as investors moved into equities on the back of a stronger-than-expected June U.S. jobs report. The economy added 288,000 jobs in June, beating expectations of 215,000 jobs. The unemployment rate fell to 6.1%, and economists expected it to remain at 6.3%.
Gold could be in store for some added action in the coming days, and that could mean more red ink. http://www.marketwatch.com/story/gold-dips-as-traders-return-from-holiday-2014-07-07
Stock valuations riding on stellar earnings performance
Records for Dow industrials, S&P 500 cause many to question valuations
SAN FRANCISCO (MarketWatch) — A lot of money is riding on this earnings season...literally. As stock prices continue to rise into uncharted territory, investors are going to be less forgiving this earnings season after walking off the rough start to the year.
On Thursday, the Dow Jones Industrial Average (DJI:DJIA) closed above 17,000 for the first time and the S&P 500 Index (SNC:SPX) set a new closing high just north of 1,985 to end the Fourth of July-foreshortened week following strong job numbers.
This week, investors will be girding for second-quarter earnings season as Alcoa Inc. (NYSE:AA) reports on Tuesday and Wells Fargo & Co. (NYSE:WFC) releases results on Friday. Earnings reports ramp up considerably the following week with a slew of bank earnings from such Dow components as J.P. Morgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc. (NYSE:GS) , along with other heavy-hitters like Intel Corp. (NASDAQ:INTC) and Google Inc. (NASDAQ:GOOG)
“People are going to expect slightly better results this quarter,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab. “If there’s solid data that earnings are good, then the market can justify going higher.”
Second-quarter earnings for the S&P 500 are currently expected to grow by 4.9%, according to John Butters, senior earnings analyst at FactSet. While that’s down from the expected growth of 6.8% when the second quarter began, Butters said in a recent note that analysts have cut their earnings estimates by the lowest amount since the second quarter of 2011, suggesting higher expectations and a reluctance to lower the bar. http://www.marketwatch.com/story/stock-valuations-riding-on-stellar-earnings-performance-2014-07-06
Gold futures suffer first loss in five sessions
U.S. jobs report tops forecasts, lifts equities, dollar; gold near flat on week SAN FRANCISCO (MarketWatch)—Gold prices suffered their first loss in five sessions on Thursday, to end the holiday-shortened week nearly flat, as a stronger-than-expected U.S. jobs report lured investors to U.S. equities and the dollar. http://www.marketwatch.com/story/gold-drops-as-jobs-report-tops-expectations-2014-07-03
Dow, S&P set new records in strong week for U.S. stocks
Economy adds 288,000 jobs in June, unemployment rate falls to 6.1%
NEW YORK (MarketWatch) — The S&P 500 and Dow Jones Industrial Average closed at record levels in a holiday-shortened week, fueled by a jobs report that was far stronger than expected but nonetheless isn’t shifting expectations about when the Federal Reserve will start raising interest rates.
Both the New York Stock Exchange and Nasdaq closed early at 1 p.m. Eastern Time for the July 4th holiday. http://www.marketwatch.com/story/us-stocks-futures-gain-with-jobs-report-in-sight-2014-07-03
Dow tops 17,000 after jobs report beats expectations
U.S. stocks rise; Dow tops 17K, S&P 500 hits record
Economy adds 288,000 jobs in June, unemployment rate falls to 6.1%
NEW YORK (MarketWatch) — The Dow Jones Industrial Average topped 17,000 for the first time and the S&P 500 hit an intraday record after a far stronger-than-expected jobs report for June.
The main benchmarks were on track to finish the holiday-shortened week with solid gains, while the Nasdaq Composite eyed its third weekly gain in a row. http://www.marketwatch.com/story/us-stocks-futures-gain-with-jobs-report-in-sight-2014-07-03?link=MW_latest_news
U.S. sees another boom in jobs in June
Payrolls expand by 288,000, unemployment drops to nearly 6-year low of 6.1%
WASHINGTON (MarketWatch) — The U.S. economy produced another big batch of jobs in June, — many of them good paying — and the unemployment rate fell to a nearly six-year low as more people entered the labor force and found work.
The U.S. added 288,000 jobs in June and the unemployment rate fell to 6.1% from 6.3%, the government reported Thursday. That’s the lowest jobless rate since September 2008.
Economists surveyed by MarketWatch had expected an increase of 215,000 nonfarm jobs.
The strong jobs report suggests the economy continues to gain momentum, and it could force the Federal Reserve to raise interest rates sooner than it had planned unless growth cools off.
U.S. stock futures (NAR:SPY) only saw slight advance on those concerns, as Treasury yields (ICAPSD:10_YEAR) climbed .
In June, virtually every major industry added jobs, led by professional services, retail, restaurants, health care, finance and manufacturing.
Employment gains for May and April were also revised up by a combined 29,000, the Labor Department said .
The government said 224,000 new jobs were created in May, up from a preliminary 217,000, based on newly available data. April’s gain was revised up to 304,000 from 282,000, marking the biggest increase in jobs in two and a half years.
Average hourly wages, meanwhile, rose 6 cents, or 0.2% to $24.45 in June. Wages are up 2% over the past 12 months. The average workweek was unchanged at 34.5 hours.
The labor-force participation rate was also flat at 62.8%.
So far in 2014 the economy has gained an average of 231,000 jobs a month, 19% faster than the 2013 pace of 194,000. It’s the best stretch of hiring since the recession ended in mid-2009. http://www.marketwatch.com/story/us-sees-another-boom-in-jobs-in-june-2014-07-03?dist=beforebell
The economy suffered a mighty chill in the first three months of 2014, but the 2.9% plunge in growth will soon prove a distant memory if the U.S. keeps churning out 200,000- plus jobs a month. There’s no better way to boost an economy than to put more people to work and get them spending.
Here’s what to look for in the June employment report, the latest snapshot on the U.S. labor market at the halfway point of the year. http://www.marketwatch.com/story/what-to-look-for-in-june-jobs-report-2014-07-02?dist=beforebell
U.S. stocks: Futures gain with jobs report in sight
Equities trading to end early for July 4th holiday
LONDON (MarketWatch) — U.S. stock futures posted slight gains Thursday, with investors ready for results from the widely watched U.S. labor-market report before they wrap up the holiday-shortened week.
Futures for the Dow Jones Industrial Average (CBE:DJU4) rose 16 points, or 0.1%, to 16,915, while those for the S&P 500 index (GLC:SPU4) tacked on 2 points to 1,969. The Nasdaq 100 index (GLC:NDU4) picked up 5 points for 3,895.
The marquee event in Thursday’s session comes at 8:30 a.m. Eastern Time, when the U.S. Labor Department releases its nonfarm-payrolls data. The report has been moved up a day due to the July 4th holiday. Analysts polled by MarketWatch expect the addition of 215,000 jobs in June and the unemployment rate to remain at 6.3%. In May, the economy created 217,000 jobs.
“Market participants should be prepared for yet another solid employment report. Our statistical model estimates that 290,000 net new positions were created in June, while the civilian jobless rate moved one tick lower at 6.2%,” said Michala Marcussen, global head of economics at Société Générale, in a Thursday note. http://www.marketwatch.com/story/us-stocks-futures-gain-with-jobs-report-in-sight-2014-07-03
After-hours buzz: SNX, ARII, CPK & more
http://www.cnbc.com/id/101808351
How the jobs report could disrupt the market’s snooze
If report surprises, markets could reprice Fed views
NEW YORK (MarketWatch) — Investors have been content to take a summer slumber as central bankers sing easy-money lullabies. But don’t discount the possibility that a strong jobs report could shake traders awake.
It would take a particularly strong U.S. nonfarm payrolls report on Thursday to alter market expectations about the economy. But should it sharply exceed expectations of 215,000 nonfarm jobs and a steady 6.3% unemployment rate, it could force a rethink toward a Federal Reserve that’s less committed to low-rate policies, investors and strategists say.
Wednesday’s report from Automatic Data Processing Inc. provided one surprise: 281,000 new private-sector jobs last month, and the most since November 2012. The report is often used as an early indicator of the payrolls number. Despite its mixed record in predicting that part of the official monthly jobs report, it’s the latest in a string of improving data points that many say shows an economy gaining steam.
“The risks are on the upside in terms of the number of jobs created” after that ADP report, said Robert Tipp, chief investment strategist at Prudential Fixed Income. http://www.marketwatch.com/story/how-the-jobs-report-could-disrupt-the-markets-snooze-2014-07-02?dist=countdown
Gold futures stretch advance to fourth session
Traders assess data on private-sector payrolls ahead of official jobs report
SAN FRANCISCO (MarketWatch) — Gold futures on Wednesday found some support, as traders stretched the metal’s price advance to a fourth session in a row, reluctant to sell the precious metal ahead of Thursday’s much-anticipated monthly U.S. jobs report and a long holiday weekend.
Gold scored gains even after a stronger-than-expected estimate of U.S. private-sector payrolls fed expectations for a strong employment report. http://www.marketwatch.com/story/gold-turns-lower-after-adp-jobs-data-2014-07-02
U.S. stocks edge up to records again, but no Dow 17,000
GoPro falls for first time since debut
NEW YORK (MarketWatch) — U.S. stocks mostly inched higher Wednesday, building slightly on the prior day’s sizeable advance, as a better-than-expected report on private-sector hiring underscored the economy’s recent strength.
The Dow industrials (DJI:DJIA) rose 20.17 points, or 0.1%, to end at 16,976.24, putting it once again within striking distance of 17,000, while the S&P 500 (SNC:SPX) nudged up 1.30 points, or 0.1%, to finish at 1,974.62. Each index scored a record close for the second straight day.
The Nasdaq (NASDAQ:COMP) bucked Wednesday’s positive trend, falling 0.92 point, or less than 0.1%, to close at 4,457.73. The tech-heavy index snapped a three-session winning streak.
Investors are awaiting Thursday’s monthly jobs report, and even a surprisingly strong private-sector jobs report couldn’t jolt the market to life. Thursday’s report is expected to show a net gain of 215,000 non-farm jobs and a steady 6.3% unemployment rate.
The ADP report, which showed 281,000 new private-sector jobs, has “not been a good indicator” for the jobs report, but still “the growth bulls will be pleased, and the “whisper numbers” for the jobs report will probably rise, said Steven Ricchiuto, chief economist at Mizuho Securities, in emailed comments.
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281,000 private-sector jobs added in June, ADP says
WASHINGTON (MarketWatch) — Private-sector hiring ramped up last month, as employers added the most jobs since November 2012, according to data released Wednesday.
June’s gain of 281,000 private-sector jobs, as reported by Automatic Data Processing Inc., blew past forecasts from economists, who had expected an increase of 210,000. In May, private-sector employers added 179,000 jobs.
“The job market is steadily improving,” said Mark Zandi, chief economist of Moody’s Analytics, which prepares the report using ADP’s data. “Judging from the job market, the economic recovery remains fully intact and is gaining momentum.”
The strong report that showed broad-based job gains comes one day ahead of the government’s key monthly snapshot of the U.S. labor market, and is likely to encourage economists. On Thursday, economists polled by MarketWatch expect the U.S. Labor Department to report that nonfarm employment rose by 215,000 jobs in June, compared with a May gain of 217,000 jobs.
“Whatever about the specific rise in payrolls tomorrow, this report adds to the evidence that the labor market has strengthened further this year,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.
ADP’s report echoes other recent jobs data showing that the labor market is firming, with layoff readings remaining near post-recession lows, and monthly nonfarm employment gains holding above 200,0000 since February. A report earlier this week showed that manufacturing employment continued to expand last month, a healthy sign for this sector.
However, the economy is still particularly tough for many jobless workers, with about one-third of the unemployed looking for work for more than half a year. http://www.marketwatch.com/story/281000-private-sector-jobs-added-in-june-adp-says-2014-07-02?dist=lcountdown