Sun. Feb 23rd, 2020

Stock market news live: S&P 500, Nasdaq narrowly eke out record closes – Yahoo Finance

Stock market news live: S&P 500, Nasdaq narrowly eke out record closes  <font color="#6f6f6f">Yahoo Finance</font>

U.S. stocks closed Friday’s session mixed, as investors continued to monitor developments with the coronavirus, and digested economic data including January retail sales and a gauge of consumer sentiment.

U.S. stocks closed out Friday’s session little changed, with both the S&P 500 and Nasdaq narrowly eking out record closes. The Dow remained slightly in the red.

Here’s where the markets settled at the end of regular equity trading:

  • S&P 500 (^GSPC): +0.18% or +6.22 points to 3,380.16

  • Dow (^DJI): -0.09% or -25.23 points to 29,398.08

  • Nasdaq (^IXIC): +0.2% or +19.21 points to 9,731.18

  • Crude oil (CL=F): +1.24% or +0.64 to 52.06 a barrel

  • Gold (GC=F): +0.44% or +6.90 to 1,585.70 per ounce

One such proposal under consideration could see a portion of household income be treated as tax-free when used to invest outside a traditional 401(k), the report said.

Employees wear face masks as they stand in a reopened Apple Store in Beijing, Friday, Feb. 14, 2020. China on Friday reported another sharp rise in the number of people infected with a new virus, as the death toll neared 1,400. Apple had closed all of its stores in China in early February amid concerns over a virus outbreak. (AP Photo/Mark Schiefelbein)

While many of these 138 companies discussed the current negative impact or the potential future negative impact of the coronavirus on their businesses, 47 companies (or 34%) stated during their earnings call that it was too early (or difficult) to quantify the financial impact or were not including any impact from the coronavirus in their guidance. On the other hand, 34 companies (or 25%) included some impact from the coronavirus in their guidance or modified guidance in some capacity due to the virus.

Given the large number of companies that did not update or modify guidance due to the impact of coronavirus, it is possible that there will be an increase in the number companies issuing negative guidance later in the first quarter as these companies gain clarity on the impact of the coronavirus on their businesses.

12:00 p.m. ET: Stocks mixed, Dow turns negative

U.S. stocks were mixed intraday Friday, struggling for direction amid a mixed print on retail sales and ongoing concerns over the coronavirus.

Here were the main moves in markets, as of 12:00 p.m. ET:

  • S&P 500 (^GSPC): +0.11% or +2.58 points to 3,377.52

  • Dow (^DJI): -0.06% or -18.61 points to 29,404.70

  • Nasdaq (^IXIC): +0.22% or +19.77 points to 9,731.74

  • Crude oil (CL=F): +1.28% or +0.66 to 52.08 a barrel

  • Gold (GC=F): +0.36% or +5.70 to 1,584.50 per ounce

Fundamental uncertainty in the oil market is exceptionally high. The loss of Chinese and global oil demand from the coronavirus outbreak is significant but remains unknown in both scale and duration while the timing and scale of a potential OPEC+ production cut remains highly uncertain as well.

The market is currently awash in supply, which is helping to keep prices low, and underscores how critical China and emerging markets are to “smoothing out supply and demand shocks,” the firm’s analysts write:

Mapping the residual OECD inventory path to our pricing model points to a gradual recovery in oil prices from current levels with Brent prices of $53, $57, $60 and $65/bbl for the rest of 1Q through 4Q20 vs. our prior $63/bbl forecast (with WTI $4.5/bbl lower).

A man checks out the shoe display at the Cole Haan store on Chicago’s Michigan Ave., Friday, Aug. 31, 2007. The Commerce Department reported Friday that consumer spending rose by 0.4 percent in July, double the June increase. The spending was supported by a solid 0.5 percent rise in incomes, the best showing in this area in four months. (AP Photo/M. Spencer Green)

10:00 a.m. ET: Consumer sentiment comes in higher than expected in February

Consumer sentiment rose more than expected in February, according to the University of Michigan’s advance February consumer sentiment index.

The headline index rose to 100.9 for the month, above the 99.5 expected by consensus economists. In January, the headline index had clocked in at 99.8. This was near this expansion’s recent peak of 101.4 from March 2018.

The subindex tracking consumers’ sentiment about future expectations also beat expectations, coming in at 92.6 versus the 90.0 expected. However, the subindex gauging sentiment about current conditions missed slightly, coming in at 113.8 versus the 114.0 expected.

Amid the buoyancy of February’s results, consumers have begun on the periphery to mention political and geopolitical concerns, according to the University of Michigan’s chief economist Richard Curtin.

“These gains in consumers’ economic assessments have also been accompanied by a faint stirring of two powerful sources of uncertainty. First, the coronavirus was mentioned by just 7% when asked to explain their economic expectations in early February,” Curtin said. “Second, the runup to the presidential election is likely to focus on the vast changes to taxes and spending programs; in early February, only 10% of all consumers mentioned some aspect of the election as having a potential impact on their economic expectations.”

9:32 a.m. ET: Stocks open slightly higher amid coronavirus, economic data

U.S. stocks opened mixed Friday morning after a mixed print on January retail sales growth and as coronavirus cases continued to rise.

Here were the main moves in markets, as of 9:34 a.m. ET:

  • S&P 500 (^GSPC): +0.17% or +5.87 points to 3,379.81

  • Dow (^DJI): +0.11% or +32.07 points to 29,455.38

  • Nasdaq (^IXIC): +0.27% or +26.59 points to 9,737.7

  • Crude oil (CL=F): +1.44% or +0.74 to 52.16 a barrel

  • Gold (GC=F): +0.25% or +3.90 to 1,582.70 per ounce

8:30 a.m. ET: Retail sales growth matches expectations in January, but clothing store sales fall sharply

Sales in the retail sales control group, which excludes autos, gas, building materials and food services, were flat in January. In December, core retail sales were downwardly revised to a 0.2% rise, from the 0.5% gain previously reported. This category mostly closely aligns with the consumer spending component of gross domestic product.

Clothing stores and retailers reported a sales decline of 3.1% in January, the most since 2009. Electronics stores, health and personal care stores and gas stations also posted more modest declines in sales.

Miscellaneous store retailers led sales growth with a 2.3% advance in January. Sales at building material and garden equipment and supplies dealers were up 2.1%.

7:56 a.m. ET: Delta Air Lines says it will invest $1 billion to limit its carbon footprint over the next decade

The aviation industry accounts for about 2% of global carbon dioxide emissions, according to Delta. Its planned changes include improving flight operations to decrease the use of jet fuel, investing in new technology to remove carbon emissions from the atmosphere, and working with other stakeholders to further its carbon reduction goals.

7:38 a.m. ET: Stock futures drift higher in early trading

U.S. stock futures recovered some of Thursday’s losses ahead of the opening bell, holding higher even as traders eyed developments with the coronavirus.

Here were the main moves during the pre-market session, as of 7:38 a.m. ET:

  • S&P 500 futures (ES=F): 3,383.5, up 6 points or 0.18%

  • Dow futures (YM=F): 29,460.00, up 28 points or 0.10%

  • Nasdaq futures (NQ=F): 9,644.25, up 31.25 points or 0.33%

  • Crude oil (CL=F): $52.01 per barrel, up $0.59 or 1.15%

  • Gold (GC=F): $1,579.60 per ounce, up $0.80 or 0.05%

NEW YORK, NY – FEBRUARY 04: Traders work on the floor of the New York Stock Exchange (NYSE) on on February 4, 2020 in New York City. The markets rebounded after a fall last week on coronavirus fears. (Photo by Eduardo Munoz Alvarez/Getty Images)