Wall Street edges higher as Fed's Powell testifies before Congress

(Reuters) – Wall Street’s main indexes rose on Wednesday as Federal Reserve Chair Jerome Powell said the domestic economy was in good shape and the central bank saw a “sustained expansion” ahead.

A screen broadcasts the House Intelligence Committee hearing as part of the impeachment inquiry into U.S. President Donald Trump, as traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 13, 2019. REUTERS/Brendan McDermid

This helped ease nerves on Wall Street which opened lower after President Donald Trump on Tuesday offered no new details on trade negotiations with China.

The benchmark S&P 500 .SPX and Nasdaq .IXIC had hit new record levels in the run up to Trump’s speech, but ended the session off their highs following his address.

Powell’s comments come after the Fed lowered borrowing costs three times this year to cushion the world’s largest economy from a global slowdown. He said the full impact of the interest rate cuts were yet to be felt, as he testified before the Congress.

Meanwhile, data showed U.S. consumer prices rebounded more than expected in October and underlying inflation picked up.

“There’s still enough gas in the tank to keep the economy moving,” said Jeff Kravetz, regional investment director at U.S. Bank’s private wealth management unit.

Six of the 11 major S&P 500 sectors were higher led by gains in defensive names such as utilities .SPLRCU, real estate .SPLRCR and consumer staples .SPLRCS, indicating investor caution.

An impeachment inquiry on President Donald Trump, as well as geopolitical tensions including the escalating anti-government protests in Hong Kong are factors that investors are keeping a close eye on.

The three major U.S. stock indexes have had a solid start to this month on the back of a strong corporate earnings season and hopes of a

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Materials and industrials sectors help lift stocks in Toronto, loonie down

TORONTO — Gains in the materials and industrials sectors helped lift Canada’s main stock index higher in late-morning trading, while U.S. stock markets posted mixed results.

The S&P/TSX composite index was up 55.71 points at 16,965.09.

In New York, the Dow Jones industrial average was up 13.92 points at 27,705.41. The S&P 500 index was down 0.06 of a point at 3,091.78, while the Nasdaq composite was down 6.02 points at 8,480.07.

The Canadian dollar traded for 75.49 cents US compared with an average of 75.60 cents US on Tuesday.

The December crude contract was up 42 cents at US$57.22 per barrel and the December natural gas contract was down 2.7 cents at US$2.59 per mmBTU.

The December gold contract was up US$12.70 at US$1,466.40 an ounce and the December copper contract was down 1.10 cents at US$2.63 a pound.

This report by The Canadian Press was first published Nov. 13, 2019.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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Charting a bull-trend pullback: S&P 500, Nasdaq ease from latest records

U.S. stocks are mixed early Wednesday, treading water amid Federal Reserve Chairman Jerome Powell’s remarks to Congress.

Against this backdrop, the S&P 500 and Nasdaq Composite have pulled in modestly from their latest record highs, while the Dow industrials rise slightly after registering an absolutely unchanged Tuesday session — a 0.00-point net change, to the decimal.

Before detailing the U.S. markets’ wider view, the S&P 500’s

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GLOBAL MARKETS-Shares, bond yields slip on sour trade deal sentiment

NEW YORK (Reuters) – Global equity markets and government bond yields fell on Wednesday as sentiment soured that a U.S.-China trade deal can be reached soon and on fears intensifying unrest in Hong Kong may lead to a Chinese crackdown.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 13, 2019. REUTERS/Brendan McDermid

Gold prices rose on fading investor optimism on the U.S.-China trade talks, helping to boost the appeal of the Swiss franc, U.S. dollar and government debt as a safe-haven.

A measure of emerging market currencies slipped, as did an index of emerging market equities, with both registering their largest single-day declines in almost three months.

The dollar was stable after a rise in U.S. consumer prices was greater than expected and Federal Reserve Chair Jerome Powell offered an upbeat economic outlook, bolstering the case for the U.S. central bank to pause its monetary easing cycle.

“It seems overnight there were a lot more fears that the U.S. and China were further apart on the trade deal than initially suggested,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.

Powell said he saw “sustained expansion” ahead for the U.S. economy, with low unemployment boosting household spending and the full impact of the three interest rate cuts in the past three months still to be felt.

U.S. stocks traded little changed as investors eyed an improving economic outlook. But fears of a pending recession have lessened, a reason why the spread between short- and long-term Treasury yields has widened, said Joseph LaVorgna, chief economist for the Americas at French bank Natixis in New York.

“You’re going to see the market move higher. We’re going to consolidate and move higher because the fundamentals are pretty solid and that means

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The Dow Jones Industrial Average Slides After Trump's Rant on the Federal Reserve

The Dow Jones Industrial Average is sinking Wednesday as investors digest a wild speech by President Trump.

On Tuesday night, Trump spoke at the Economic Club of New York and railed against the Federal Reserve on interest rates and monetary policy. But that’s just one of the many stories driving market behavior this morning.

Before we get to them, here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change Dow Jones 27,691.49 0.00 0.00 S&P 500 3,091.84 +4.83 +0.16 Nasdaq 8,486.09 +21.81 +0.26

Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.

The Top Stock Market Stories for Wednesday

This morning, investors are trying to make sense of President Donald Trump’s Tuesday night speech. Trump railed against the Federal Reserve over interest rates and claimed that the central bank is capping the upside of the markets. Rather than discussing progress on trade with China, Trump criticized the Fed for not lowering interest rates. It’s worth noting, however, that the Dow is up 50% since Trump’s election. The S&P 500 is up 45%, and the Nasdaq has gained 60% in three years. “And if we had a Federal Reserve that worked with us, you could have added another 25% to each of those numbers, I guarantee you that,” Trump said.

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We’re also paying close attention to the key inflation gage for the U.S. economy. The U.S. Labor Department will release

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The Dow Jones Industrial Average Slides After Trump's Rant on the Federal Reserve

The Dow Jones Industrial Average is sinking Wednesday as investors digest a wild speech by President Trump.

On Tuesday night, Trump spoke at the Economic Club of New York and railed against the Federal Reserve on interest rates and monetary policy. But that’s just one of the many stories driving market behavior this morning.

Before we get to them, here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change Dow Jones 27,691.49 0.00 0.00 S&P 500 3,091.84 +4.83 +0.16 Nasdaq 8,486.09 +21.81 +0.26

Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.

The Top Stock Market Stories for Wednesday

This morning, investors are trying to make sense of President Donald Trump’s Tuesday night speech. Trump railed against the Federal Reserve over interest rates and claimed that the central bank is capping the upside of the markets. Rather than discussing progress on trade with China, Trump criticized the Fed for not lowering interest rates. It’s worth noting, however, that the Dow is up 50% since Trump’s election. The S&P 500 is up 45%, and the Nasdaq has gained 60% in three years. “And if we had a Federal Reserve that worked with us, you could have added another 25% to each of those numbers, I guarantee you that,” Trump said.

Have 28 Seconds? You could make $2,353 – and you won’t need to buy a single share of stock up front to collect this cash, or spend a nickel on anything. Click here to learn more…

We’re also paying close attention to the key inflation gage for the U.S. economy. The U.S. Labor Department will release

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Wireless National Stock Outlook Portrays Bullish Sentiments

The Zacks Wireless National industry primarily comprises companies that provide a comprehensive range of communication and business solutions. These include wireless, local exchange, long-distance, data/broadband and Internet, video, managed networking, wholesale and cloud-based services. The firms within the industry offer IP-based voice and data services, multiprotocol label switching networking, data center and managed services, hosting and communications systems to businesses and government agencies. In addition, the firms provide edge computing services that allow businesses to route application-specific traffic to where they need it and where it’s most effective — whether in the cloud, the network or on their premises.

Few firms within the industry offer targeted advertising services, leveraging data insights to reach specific audiences in trusted, premium content environments. Some even provide film, television, cable networks and publishing operations with significant media assets in their portfolio. Few industry participants further offer wireless devices, such as smartphones, tablets and other mobile communication devices and accessories manufactured by various suppliers. Prominent players within this landscape include Verizon Communications Inc (NYSE:). (VZ), AT&T Inc (NYSE:). (T), T-Mobile US (NASDAQ:) Inc. (TMUS) and CenturyLink Inc (NYSE:). (CTL).

Here are the three major themes in the industry:

• The firms within the industry are increasingly seeking diversification from legacy telecom services to more business, enterprise and wholesale opportunities. Consequently, the companies are making significant investments to upgrade network and product portfolio, including considerable advances in software-defined wide area network capabilities and a new Cloud Core architecture. This is realigning the wireless network toward a software-centric model to meet increasing business demands and customer needs. The companies are focused on bringing improved operational efficiencies through network simplification and rationalization, thereby improving end-to-end provisioning time and driving standardization. Also, the firms are offering the flexibility to better manage data traffic by leveraging indigenous software-defined network to enable low-latency, high-bandwidth

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Trump: Market Could Be Higher if It Weren’t for Fed

In a speech to the Economic Club of New York on Tuesday, U.S. President Donald Trump didn’t mince words when it came to his feelings on the Federal Reserve. The president said that the major indexes could be performing better it weren’t for the Fed’s initial reluctance to cut interest rates.

After four straight interest rate hikes in 2018, the central bank reversed course this year, instituting its third straight rate cut recently. Per a CNBC report, President Trump “noted that since his election, the S&P 500 is up more than 45%, the Dow Jones Industrial Average is up over 50% and the Nasdaq Composite is up 60%. But those numbers could be way higher, Trump said, if it weren’t for the reluctance of the Fed.”

“And if we had a Federal Reserve that worked with us, you could have added another 25% to each of those numbers, I guarantee you that,” Trump said.

“But we all make mistakes, don’t we?” the president added. “Not too often. We do make them on occasion.”

Furthermore, President Trump reiterated the need for the Fed to cut rates in order for the U.S. to remain competitive with the rest of the world.

“We are actively competing with nations who openly cut interest rates so that now many are actually getting paid when they pay off their loan, known as negative interest,” Trump said. “Who ever heard of such a thing? Give me some of that. Give me some of that money. I want some of that money.”

Data firm Moody’s Analytics used three different models to determine the results of the 2020 election and thus far, they are predicting that U.S. President Donald Trump will cruise to a second term. The projections are based on the gains in the stock market and the unemployment rate, which, if

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Stocks – Wall Street Falls Ahead of Powell Testimony 

© Reuters.

Investing.com – Wall Street opened lower on Wednesday as a trade deal between the U.S. and China seemed less likely, while trading was subdued as investors awaited testimony from Federal Reserve Chairman Jerome Powell on the central bank’s monetary policy.

The was down 29 points or 0.1% by 9:44 AM ET (13:44 GMT), while the lost 7 points or 0.3% and the slipped 22 points or 0.3%.

Trump said in a speech on Tuesday that while a deal with China was “close” he could still increase tariffs if no deal was reached. He is also expected to decide on possible tariffs on automobiles from the European Union today, although experts expect him to delay a decision by six months.

“Now is more the realization that ‘phase one’ is really not a done deal,” said Art Hogan, chief market strategist at National Securities in New York.

“It felt for a couple weeks that the deal was almost done and then you have these comments that sort of puts us in the same place we were.”

Traders will also be tuning into testimony from Powell, who is set to testify before Congress in a hearing at 11:00 AM ET. He is expected to address the Fed’s recent decision to apparently put any further interest cuts on hold.

Tesla (NASDAQ:) rose 1.3% after CEO Elon Musk said the electric car company would build a car and battery factory in Berlin, Germany, while Cisco Systems (NASDAQ:) gained 0.6% ahead of its earnings after the bell.

Amazon.com (NASDAQ:) fell 0.4% on news that Nike (NYSE:) will no longer sell its products through the e-commerce giant, while SmileDirectClub (NASDAQ:) tumbled 15.4% after reporting a loss in the last quarter and said it expects losses to continue due to rising expenses.

In commodities, the

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Prove Your Value at Shared Services & Outsourcing Week 2020

Prove Your Value at Shared Services & Outsourcing Week 2020 – NASDAQ News Today – EIN News

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