Yahoo Finance's market update: Dec. 17, 2018

Yahoo Finance’s market update: Dec. 17, 2018

U.S. shares traded sideways on Monday forward of a heavy week of market catalysts.

^GSPC) fell zero.04%, or 1.02 factors, as of 11:11 a.m. ET. The Dow (^DJI) fell zero.16%, or 38.2 factors, whereas the Nasdaq (^IXIC) rose zero.09%, or 6.62 factors.” data-reactid=”16″>The S&P 500 (^GSPC) fell zero.04%, or 1.02 factors, as of 11:11 a.m. ET. The Dow (^DJI) fell zero.16%, or 38.2 factors, whereas the Nasdaq (^IXIC) rose zero.09%, or 6.62 factors.

^RUT) small-cap index is on monitor to enter a bear market if it closes decrease by a minimum of 20% from its August excessive of 1,740.75 factors. This would imply closing at or under 1,392.59 factors. The index hit an intraday low of 1,392.22 factors on Monday morning ET earlier than recovering barely.” data-reactid=”17″>The Russell 2000 (^RUT) small-cap index is on monitor to enter a bear market if it closes decrease by a minimum of 20% from its August excessive of 1,740.75 factors. This would imply closing at or under 1,392.59 factors. The index hit an intraday low of 1,392.22 factors on Monday morning ET earlier than recovering barely.

Equities took a beating final week and are combating for a turnaround to make up present losses for the yr. The S&P 500 was down about 2.75% for the year-to-date as of market shut Friday.

investors seek direction in regards to the path ahead for future fee hikes. Consensus expectations are for policymakers to announce a fourth fee hike this yr. However, current financial information has helped squander issues of an overheating labor market and inflation. These components, coupled with issues of slowing global growth, have led some economists to expect a extra dovish Fed going ahead. Many Federal Reserve officers have reiterated that they’ll rely on data to find out the trail ahead, suggesting flexibility of their financial selections based on evolving market conditions.” data-reactid=”19″>The Federal Reserve’s closing coverage assembly of 2018 on Tuesday and Wednesday in Washington, D.C., might be central to this week’s occasions as investors seek direction in regards to the path ahead for future fee hikes. Consensus expectations are for policymakers to announce a fourth fee hike this yr. However, current financial information has helped squander issues of an overheating labor market and inflation. These components, coupled with issues of slowing global growth, have led some economists to expect a extra dovish Fed going ahead. Many Federal Reserve officers have reiterated that they’ll rely on data to find out the trail ahead, suggesting flexibility of their financial selections based on evolving market conditions.

continued his pressure campaign towards the Federal Reserve in a tweet on Monday, saying that “a very strong dollar and virtually no inflation” within the U.S. ought to sign to the Fed to not increase rates of interest. The U.S. Dollar index has risen 5.eight% thus far this yr, whereas the core private consumption expenditure value index – the Fed’s most well-liked inflation gauge – is under the Fed’s inflation goal of two% as of October’s reading. ” data-reactid=”20″>President Donald Trump continued his pressure campaign towards the Federal Reserve in a tweet on Monday, saying that “a very strong dollar and virtually no inflation” within the U.S. ought to sign to the Fed to not increase rates of interest. The U.S. Dollar index has risen 5.eight% thus far this yr, whereas the core private consumption expenditure value index – the Fed’s most well-liked inflation gauge – is under the Fed’s inflation goal of two% as of October’s reading. 

few major ripples in the stock market.” data-reactid=”22″>Washington is simply 5 days away from a partial authorities shutdown, with funding set to run out for a number of main federal companies on the finish of the week. Lawmakers have struggled to return to an settlement on spending payments within the midst of a standoff over Trump’s proposed border wall. Trump has been pushing for $5 billion in funding for the wall, however Democrats are usually not prepared to supply greater than $1 billion. If the shutdown is realized, it’s going to mark the third federal funding hole in 2018. While a prolonged federal shutdown may finally spill over into debt ceiling issues, funding gaps have traditionally in any other case brought about few major ripples in the stock market.

STOCKS: Malaysia information legal prices towards Goldman Sachs over 1MDB scandal, Google makes a billion-dollar funding in NYC

Monday filed its first criminal charges towards Goldman Sachs (GS) and a number of former workers over allegedly facilitating the stealing of $2.7 billion in government-backed bonds issued by 1Malaysia Development Berhad (1MBD) that raised $6.5 billion. The prosecutors are searching for fines from Goldman Sachs and the accused people in extra of $three.three billion, comprising the allegedly misappropriated quantity plus $600 million in charges Goldman obtained for the offers. The financial institution mentioned the fees are “misdirected” and that it intends to “vigorously defend them.” Shares of Goldman Sachs fell 1.78% to $169.69 every as of 11:01 a.m. ET, bouncing again barely after hitting a contemporary 52-week low of $168.05 per share.” data-reactid=”24″>Malaysia on Monday filed its first criminal charges towards Goldman Sachs (GS) and a number of former workers over allegedly facilitating the stealing of $2.7 billion in government-backed bonds issued by 1Malaysia Development Berhad (1MBD) that raised $6.5 billion. The prosecutors are searching for fines from Goldman Sachs and the accused people in extra of $three.three billion, comprising the allegedly misappropriated quantity plus $600 million in charges Goldman obtained for the offers. The financial institution mentioned the fees are “misdirected” and that it intends to “vigorously defend them.” Shares of Goldman Sachs fell 1.78% to $169.69 every as of 11:01 a.m. ET, bouncing again barely after hitting a contemporary 52-week low of $168.05 per share.

Traders work on the ground of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2018. REUTERS/Brendan McDermid

GOOG, GOOGL) mentioned it’s going to make investments $1 billion in a brand new, 1.7 million square-foot campus in New York City, Alphabet’s CFO Ruth Porat said in a blog post Monday. Google’s present New York City workplace homes greater than 7,000 workers, and the brand new campus has the potential to greater than double the corporate’s NYC headcount over the subsequent decade. Google introduced earlier this yr that it had bought the purchasing and workplace complicated Chelsea Market for $2.four billion. Shares of Alphabet (GOOG), Google’s guardian firm, rose zero.17% to $1,043.92 every as of 11:05 a.m. ET.” data-reactid=”40″>Google (GOOG, GOOGL) mentioned it’s going to make investments $1 billion in a brand new, 1.7 million square-foot campus in New York City, Alphabet’s CFO Ruth Porat said in a blog post Monday. Google’s present New York City workplace homes greater than 7,000 workers, and the brand new campus has the potential to greater than double the corporate’s NYC headcount over the subsequent decade. Google introduced earlier this yr that it had bought the purchasing and workplace complicated Chelsea Market for $2.four billion. Shares of Alphabet (GOOG), Google’s guardian firm, rose zero.17% to $1,043.92 every as of 11:05 a.m. ET.

CNC) and Molina Healthcare (MOH), which JP Morgan analysts mentioned every carry greater than 40% EPS publicity to ACA, fell 6.66% and 13.65%, respectively, as of 11:06 a.m. ET.” data-reactid=”41″>Health-care shares got here below strain after a federal choose in Texas dominated the Affordable Care Act unconstitutional on Friday. The choose mentioned that the regulation have to be struck down as a result of Congress in 2017 repealed a tax penalty for not shopping for medical health insurance, which had been the idea for the Supreme Court’s 2012 ruling declaring the regulation constitutional. Companies with publicity to Medicaid and Obamacare public exchanges tumbled Monday. Centene Corporation (CNC) and Molina Healthcare (MOH), which JP Morgan analysts mentioned every carry greater than 40% EPS publicity to ACA, fell 6.66% and 13.65%, respectively, as of 11:06 a.m. ET.

ECONOMY: Empire State manufacturing index falls to 19-month low

said in a statement Monday. Consensus expectations have been for a headline studying of 20, in line with Bloomberg. The outcomes level to enterprise exercise in New York state rising at a slower tempo than in current months. The costs paid index fell to 39.7 for the month, suggesting a deceleration in enter value will increase. Firms have been considerably much less optimistic in regards to the six-month outlook than they have been final month, with the index for future enterprise situations falling three factors to 30.6. However, the index for the variety of workers jumped 12 factors to 26.1, “indicating very strong growth in employment levels,” the New York Fed mentioned.” data-reactid=”43″>The Empire State manufacturing index fell 12.three factors in December to 10.9, the bottom studying since May 2017, the New York Fed said in a statement Monday. Consensus expectations have been for a headline studying of 20, in line with Bloomberg. The outcomes level to enterprise exercise in New York state rising at a slower tempo than in current months. The costs paid index fell to 39.7 for the month, suggesting a deceleration in enter value will increase. Firms have been considerably much less optimistic in regards to the six-month outlook than they have been final month, with the index for future enterprise situations falling three factors to 30.6. However, the index for the variety of workers jumped 12 factors to 26.1, “indicating very strong growth in employment levels,” the New York Fed mentioned.

ISM manufacturing index, to perhaps about 56, from 59.3 in November,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, mentioned in a word. “But the subindexes in the Empire State survey were much less bad than the headline, with a very surprising 14-point jump in the employment index largely offsetting declines in orders, shipments and inventories.”” data-reactid=”44″>“On the face of it, this drop within the Empire State index seems to level to hefty decline within the nationwide ISM manufacturing index, to perhaps about 56, from 59.3 in November,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, mentioned in a word. “But the subindexes in the Empire State survey were much less bad than the headline, with a very surprising 14-point jump in the employment index largely offsetting declines in orders, shipments and inventories.”

based on the NAHB’s latest report. The index declined four factors in December to 56, whereas consensus estimates had referred to as for a headline studying of 60 for the month. Readings above 50, nevertheless, are thought of optimistic by way of sentiment. Of the index’s three elements, present gross sales declined 6 factors to 61, gross sales expectations for the subsequent 6 months fell four factors to 61 and purchaser visitors decreased 2 factors to 43.” data-reactid=”45″>The National Association of Home Builders index monitoring homebuilder sentiment fell in December to the bottom degree since May 2015, based on the NAHB’s latest report. The index declined four factors in December to 56, whereas consensus estimates had referred to as for a headline studying of 60 for the month. Readings above 50, nevertheless, are thought of optimistic by way of sentiment. Of the index’s three elements, present gross sales declined 6 factors to 61, gross sales expectations for the subsequent 6 months fell four factors to 61 and purchaser visitors decreased 2 factors to 43.

Follow her on Twitter: @emily_mcck” data-reactid=”48″>Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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