|
 Stocks posted three straight days of losses Thursday, as comments from Federal Reserve Chair Jerome Powell did little to soothe concerns about a recent rise in bond yields.
|
RELATED ARTICLES | | |
|
 U.S. stocks end sharply lower as bond yields surge; Nasdaq turns lower for year
|
RELATED ARTICLES | | | | |
|
 Moderna Inc. and International Business Machines Corp. announced Thursday plans to work together to find technologies to support "smarter COVID-19 vaccine management." The technologies the companies will explore include artificial intelligence, blockchain and hybrid cloud, the companies said. "Moderna is committed to working with a coalition of partners to increase education and awareness of the importance of vaccination to help defeat COVID-19," said Michael Mullette, a managing director of North America commercial operations at Moderna. "We look forward to working with IBM to apply digital innovations to build connections between organizations, governments, and individuals to instill confidence in COVID-19 vaccines." Moderna's stock rose 1.6% in midday trading and IBM shares fell 0.7%, while the Dow Jones Industrial Average gained 118 points, or 0.4%. Moderna currently has one of three COVID-19 vaccines granted emergency use authorization by the Food and Drug Administration, the others being from Pfizer Inc. and BioNTech SE and Johnson & Johnson .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
The bed retailer was one of the high-flier stocks the market took down today.
|
RELATED ARTICLES | | |
|
A sluggish day in stocks on Thursday took a turn decidely lower following comments from Federal Reserve Chairman Jerome Powell said that he was monitoring a steady climb in yields but failed to provide any guidance on what the central bank might do if yields continued to climb precipitously. Speaking at a webinar hosted by the Wall Street Journal on Thursday after noon, Powell described the Fed's current policy stance as appropriate, perhaps disappointing some investors hoping for more decisive comments on possible adjustments to the central bank's asset purchases. The remarks are credited with triggering a selloff in bonds and stocks, that abated somewhat later in the session, that brought the Nasdaq Composite Index on the brink of falling by 10% from its recent closing high put in on Feb. 12, meeting the commonly used definition for a correction. The Nasdaq ended the session off 2.1% at 12,723, and is now down 9.73% from that record close. Meanwhile, the 10-year Treasury note jumped by about 7 points to around 1.54%. Rising rates have caused friction in equity trading because it forces investors to reassess the relative value of highflying technology and tech-related plays that have enjoyed a bump during the pandemic, compared against other sectors that might perform better headed into an economic recovery. The S&P 500 index closed the session off 1.3% to 3,768, while the Dow Jones Industrial Average finished the day off 1.1% at 30,923. Both finished below their 50-day moving averages for the first time in about four or five weeks, Jan. 29 for the S&P 500 and Feb. 1 for the Dow. At the height of Thursday's selling the Dow was down over 720 points, wiping out its year-to-date gains. The Dow remains up 1% for 2021, the Dow is clinging to a 0.3% year-to-date gain, while the Nasdaq Composite is down 1.3% so far this year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for m
|
|
The 10 percent threshold for a correction is arbitrary, but it is often an indication that investors have turned more pessimistic about the markets.
|
RELATED ARTICLES | | |
|
U.S. Treasury Yields Extend Climb After Powell's Comments The Wall Street JournalFed chair Jerome Powell: Inflation is set to increase, but likely temporary CNBC TelevisionStocks tumble as Powell signals inflation is ahead CNN Stop Trying to Pit the Fed Against the Bond Market BloombergInflation isn't a risk of Joe Biden's $1.9 trillion stimulus Washington PostView Full Coverage on Google News
|
|
Oil futures ended higher on Thursday, with U.S. prices at their highest since April 2019, FactSet data show. The Organization of the Petroleum Exporting Countries and its allies decided to keep its production cuts in place through April at its meeting Thursday. Saudi Arabia also agreed to keep its own unilateral output cut of 1 million barrels per day to the end of April, but Russia and Kazakhstan are allowed to modestly lift production, with OPEC citing seasonal needs. "Clearly, OPEC has decided to take a cautious approach on the demand recovery," said Ann-Louise Hittle, vice president of macro oils at Wood Mackenzie. "However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges." April West Texas Intermediate crude rose $2.55, or 4.2%, to settle at $63.83 a barrel.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Dovish Federal Reserve chairman says central bank will be ‘patient' in withdrawing support
|
|
Both the cruise and airline industry were battered by the pandemic in 2020, resulting in massive losses.
|
|
The Dow Jones Industrial Average and the S&P 500 on Thursday marked their first finishes below their short-term moving averages in weeks after a market rout apparently precipitated by rising fears that the Federal Reserve may be losing control of inflation and may be forced to jack up borrowing costs faster than they would prefer to cool an overheated economy recovering from the COVID-19 pandemic lockdowns. The Dow closed down 1.1% at around 30,924 to mark its third straight decline, falling below its 50-day moving average at 30,944.98 for the first time since Feb. 1, while the S&P 500 index closed Thursday's trade 1.3% lower for its third consecutive drop, finishing at 3,769, concluding the session below its 50-day MA at 3,818.61 for the first time since Jan. 29.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
RELATED ARTICLES | | |
|
Gold futures dropped Thursday, as the 10-year Treasury bond yield climbed past 1.5%, pushing prices for the precious metal to their lowest settlement since June. During a Wall Street Journal webinar Thursday, Federal Reserve Chairman Jerome Powell said he would be concerned about a disorderly move in the bond market, but suggested that hadn't yet had a material impact on financial conditions. The rise in bond yields has pressured prices for gold, which offers no yield. April gold fell $15.10, or 0.9%, to settle at $1,700.70 an ounce after touching a low at $1,693.90.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
 Electric-vehicle stocks have lost their charge in recent weeks, with Tesla shares down more than 23% over the past month.
|
|
Arts and crafts retailer Joann Inc. set terms for its initial public offering on Thursday, with plans to offer 10.9 million shares priced at $15 to $17 each. The company has applied to list on Nasdaq, under the ticker symbol 'JOAN.' There are 11 banks underwriting the deal, led by BofA Securities and Credit Suisse. Proceeds of the deal will be used to pay down borrowings under a second lien facility and if possible, to pay down borrowing on an ABL facility. "JOANN is the nation's category leader in Sewing and one of the fastest growing players in the arts and crafts category," the company says in its filing documents. The company had net income of $174 million, or $4.88 a share, in the thirty-nine weeks through Oct. 31, after a loss of $188.5 million, or $5.40 a share, in the year-earlier period. Sales climbed to $1.922 billion from $1.546 million. The company intends to pay a 40 cents a share quarterly dividend to its shareholders.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Oil futures rallied Thursday, buoyed by speculation that the Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC , will keep their production quotas in place and that Saudi Arabia will extend its unilateral output cut of one million barrels a day through April. The group is discussing a rollover of production for all members, except Russia and Kazakhstan, which will be allowed to boost output by 130,000 and 20,000 barrels per day, respectively, Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, tweeted, citing comments from delegates. Bloomberg reported that OPEC has reached a decision to keep production unchanged, but other reports say the meeting is still ongoing. April West Texas Intermediate crude rose $2.85, or 4.7%, to $64.13 a barrel and May Brent crude climbed $3.04, or 4.7%, to $67.11 a barrel.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Shares of Sprouts Farmers Market Inc. rose 1.2% in premarket trading Thursday, after the fresh produce grocer authorized a new $300 million stock repurchase program. The program represents about 11.1% of the company's market capitalization at Wednesday's close. "Our new share repurchase program reflects our commitment to strong cash flow generation and driving shareholder return, while at the same time deploying capital to drive growth over the long term," said Chief Financial Officer Denise Paulonis. The company did not repurchase any shares in 2020, after spending about $176 million on buybacks in 2019. The stock has rallied 36.7% over the past 12 months, while the S&P 500 has gained 22.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
