Abhiram Nandakumar http://blogs.reuters.com/abhiram-nandakumar Mon, 09 Nov 2015 17:33:06 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.5 Wall St falls more than 1 pct on global growth fears http://www.reuters.com/article/2015/11/09/usa-stocks-idUSL3N13452720151109?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/09/wall-st-falls-more-than-1-pct-on-global-growth-fears/#comments Mon, 09 Nov 2015 16:47:25 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=430 Nov 9 (Reuters) – U.S. stock indexes fell 1 percent in late
morning trading on Monday, their biggest fall in six weeks, as
weak Chinese trade data and a cut in the OECD’s global growth
forecast sparked fears about a global economic slowdown.

The selloff was broad based, with all the 10 major S&P
sectors in the red, led by a decline in consumer discretionary
and energy stocks. Only two of the 30 components of the Dow
Jones industrial average were higher.

Data from China, one of the one of the U.S.’s biggest trade
partners, showed a fall in exports and imports in October left
it with a record high trade surplus. The Organisation for
Economic Co-operation and Development cut its 2015 global growth
forecast again.

U.S. stocks have largely brushed off concerns about the
global economy and have ended higher for six weeks in a row,
buoyed by better-than-expected corporate results and signs of a
strengthening domestic economy.

“We’ve had a rally up and I think we’re just about done for
now, at least for the next couple of weeks,” said Gary Kaltbaum,
president of Kaltbaum & Associates in Orlando, Florida.

“To me, it’s more that the market is petering out here after
rallying,” Kaltbaum said, adding the rally was mostly driven by
large-cap names that “made things look better than they really
are”.

At 11:06 a.m. ET (1606 GMT), the Dow Jones industrial
average was down 186.4 points, or 1.04 percent, at
17,723.93.

The S&P 500 was down 22.41 points, or 1.07 percent,
at 2,076.79 and the Nasdaq Composite index was down
52.47 points, or 1.02 percent, at 5,094.65.

U.S. corporates face the prospect of higher borrowing costs
if the Federal Reserve raises interest rates next month, as is
widely expected after Friday’s strong jobs report.

They also now face renewed fears of a slowdown in China, a
key market for many companies, as they head into the crucial
holiday shopping season.

The consumer discretionary sector was hit the
worst among the S&P sectors. It was down 1.35 percent, weighed
down by Priceline.

Priceline was the biggest drag on the S&P 500 and
the Nasdaq, falling 8.2 percent to $1330.93 after a weak
fourth-quarter profit forecast. Rival Expedia also fell
1.2 percent to $131.69.

A fall in oil prices led to a 1.3 percent decline in the
energy sector. Exxon and Chevron were
down nearly 2 percent.

Alphabet, Microsoft and Amazon
were all down more than 1 percent. Dow components IBM
and Caterpillar were down more than 2 percent.

Among the rare bright spots, Dean Foods rose 4
percent to $18.64 after reporting a better-than-expected
quarterly profit.

Apache jumped 10.8 percent to $52.86 after Bloomberg
reported the oil and gas company had rejected a takeover
approach from an unidentified party.

Declining issues outnumbered advancing ones on the NYSE by
2,495 to 489. On the Nasdaq, 1,825 issues fell and 799 advanced.

The S&P 500 index showed three new 52-week highs and nine
new lows, while the Nasdaq recorded 80 new highs and 35 new
lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio
D’Souza)

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Wall St lower on fresh signs of global weakness http://www.reuters.com/article/2015/11/09/usa-stocks-idUSL3N1344S220151109?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/09/wall-st-lower-on-fresh-signs-of-global-weakness/#comments Mon, 09 Nov 2015 15:04:27 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=428 Nov 9 (Reuters) – U.S. stocks were lower on Monday morning
after weak Chinese trade data and an OECD report warning of a
global slowdown spurred concerns about weakening demand.

Data showed China’s October exports fell for a fourth month,
while imports also dropped, leaving the world’s second largest
economy with a record high trade surplus of $61.64 billion. The
U.S. is one of China’s biggest trade partners.

The Organisation for Economic Co-operation and Development
cut its 2015 global growth forecast again, but said the U.S.
Federal Reserve should raise interest rates as the U.S. economic
recovery gains steam.

All the 10 major S&P sectors were lower. Priceline
was the biggest drag on the S&P 500 and the Nasdaq, falling 6
percent after a weak fourth-quarter profit forecast.

U.S. stocks have largely brushed off concerns about the
global economy and have ended higher for six weeks in a row,
buoyed by better-than-expected corporate results and signs of a
strengthening domestic economy.

The stronger-than-expected U.S. jobs report on Friday
spurred traders to raise odds that the Fed would raise rates off
near-zero levels next month.

The market would likely consolidate around current levels
after Friday’s report, said Peter Cardillo, chief market
economist at Rockwell Global Capital in New York.

At 9:33 a.m. ET (1433 GMT), the Dow Jones industrial average
was down 87.12 points, or 0.49 percent, at 17,823.21.

The S&P 500 was down 9.32 points, or 0.44 percent, at
2,089.88 and the Nasdaq Composite index was down 25.16
points, or 0.49 percent, at 5,121.96.

An increase in interest rates raises borrowing costs for
companies, but is good for banks and other financial companies.

But even the financial index was lower on Monday. The
telecom sector’s 0.94 percent fall led the S&P sector
decliners, while the rate-sensitive utilities sector’s
0.05 percent fall was the least.

Priceline fell 6 percent to $1365.84 after the
travel websites operator forecast weak fourth-quarter profit.
Rival Expedia also fell 1.4 percent to $131.55.

Dean Foods rose 7 percent to $19.17 after reporting
better-than-expected quarterly profit.

Apache jumped 11.6 percent to $53.23 after Bloomberg
reported the oil and gas company had rejected a takeover
approach from an unidentified party.

Plum Creek Timber soared 15.4 percent to $46.50
after Weyerhaeuser said it would buy the company to
create a $23 billion timber, land and forest products company.
Weyerhaeuser was down 2.9 percent at $29.52.

Declining issues outnumbered advancing ones on the NYSE by
1,959 to 695. On the Nasdaq, 1,434 issues fell and 777 advanced.

The S&P 500 index showed one new 52-week high and no new
lows, while the Nasdaq recorded 41 new highs and nine new lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio
D’Souza)

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Wall St set to open lower on new signs of global weakness http://www.reuters.com/article/2015/11/09/usa-stocks-idUSL3N1344DB20151109?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/09/wall-st-set-to-open-lower-on-new-signs-of-global-weakness/#comments Mon, 09 Nov 2015 14:09:41 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=426 Nov 9 (Reuters) – Wall Street was set to open slightly lower
on Monday after weak Chinese trade data and an OECD report
warning of a global slowdown spurred concerns about weakening
demand.

Data showed China’s October exports fell 6.9 percent, down
for a fourth month, while imports dropped 18.8 percent, leaving
the world’s second largest economy with a record high trade
surplus of $61.64 billion. The U.S. is one of China’s biggest
trade partners.

The Organisation for Economic Co-operation and Development
cut its 2015 global growth forecast again, but said the U.S.
Federal Reserve should raise interest rates as the U.S. economic
recovery gains steam.

Global stocks were subdued as investors digested the fresh
signs of persistent global weakness and the prospects of a U.S.
rate hike.

Traders said markets were struggling to find a clear
direction and some profit taking was kicking in.

Still, U.S. stocks have largely brushed off concerns about
the global economy and have ended higher for six weeks in a row,
buoyed by a signs of a strengthening economy, the latest of
which was the stronger-than-expected jobs report on Friday.

Wall Street closed little changed on Friday, as a rise in
financials offset a decline in utilities and other sectors, as
traders took the jobs report as evidence the Fed will raise
rates next month.

The U.S. market would likely consolidate around current
levels after Friday’s report, said Peter Cardillo, chief market
economist at Rockwell Global Capital in New York.

At 8:44 a.m. ET (1344 GMT), S&P 500 e-minis were down
4.75 points, or 0.23 percent, with 136,359 contracts traded.

Nasdaq 100 e-minis were down 12.75 points, or 0.27
percent, on volume of 22,861 contracts. Dow e-minis were
down 28 points, or 0.16 percent, with 17,702 contracts changing
hands.

Traders are now expecting a 70 percent chance that the Fed
will raise rates off near-zero levels in December, according to
CME GRoup’s FedWatch.

An increase in interest rates raises borrowing costs for
companies, but is good for banks and other financial companies.

Priceline shares fell 6.1 percent to $1362
premarket after the travel websites operator forecast weak
fourth-quarter profit. Rival Expedia also fell 1
percent to $131.99.

Dean Foods rose 9.5 percent to $19.65 after reporting
better-than-expected quarterly profit.

Apache jumped 12.9 percent to $53.83 after Bloomberg
reported the oil and gas company rejected a takeover approach
from an unidentified party.

Plum Creek Timber soared 14 percent to $45.95 after
Weyerhaeuser said it would buy the company to create a
$23 billion timber, land and forest products company.
Weyerhaeuser was down 3.9 percent.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio
D’Souza)

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Stock futures lower after weak Chinese trade data http://www.reuters.com/article/2015/11/09/us-markets-stocks-idUSKCN0SY1AU20151109?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/09/stock-futures-lower-after-weak-chinese-trade-data/#comments Mon, 09 Nov 2015 12:26:47 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=422 By Abhiram Nandakumar

(Reuters) – U.S. stock index futures were slightly lower on Monday after weak Chinese trade data for October rekindled concerns about slowing global economic growth.

* Data showed China’s October exports fell 6.9 percent, down for a fourth month, while imports slipped 18.8 percent, leaving the country with a record high trade surplus of $61.64 billion.

* Global stocks were subdued as they digested data that showed persistent weakness in demand globally. Traders said markets were struggling to find a clear direction and some profit taking was kicking in.

* U.S. stocks have posted higher weekly performances for six weeks in a row. Wall Street closed little changed on Friday, as a rise in financials offset a decline in utilities and other sectors, as Wall Street took a strong U.S. jobs report as evidence the Federal Reserve will soon raise interest rates.

* Traders are now expecting a 70 percent chance that the Fed will raise rates off near-zero levels in December, according to CME GRoup’s FedWatch.

* With quarterly earnings season nearly wrapped up, investors will parse economic data for a picture of the state of the U.S. economy ahead of the Fed’s meeting on Dec. 15-16.

* An increase in interest rates raises borrowing costs for companies, but is good for banks and other financial companies.

* Apache’s shares (APA.N: Quote, Profile, Research, Stock Buzz) were up 11 percent at $53 premarket after a Bloomberg report said the oil and gas company rejected a takeover approach from an unidentified party.

* Plum Creek Timber (PCL.N: Quote, Profile, Research, Stock Buzz) soared 18.8 percent to $47.88 after Weyerhaeuser (WY.N: Quote, Profile, Research, Stock Buzz) said it would buy the company to create a $23 billion timber, land and forest products company. Weyerhaeuser was up 1.9 percent.

Futures snapshot at 7:07 a.m. ET:

* S&P 500 e-minis ESc1 were down 6.25 points, or 0.3 percent, with 109,814 contracts traded.

* Nasdaq 100 e-minis NQc1 were down 11.25 points, or 0.24 percent, on volume of 17,993 contracts.

* Dow e-minis 1YMc1 were down 46 points, or 0.26 percent, with 15,160 contracts changing hands.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D’Souza)

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Futures lower after weak Chinese trade data http://www.reuters.com/article/2015/11/09/usa-stocks-idUSL3N13447420151109?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/09/futures-lower-after-weak-chinese-trade-data/#comments Mon, 09 Nov 2015 12:24:46 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=424 Nov 9 (Reuters) – U.S. stock index futures were slightly
lower on Monday after weak Chinese trade data for October
rekindled concerns about slowing global economic growth.

* Data showed China’s October exports fell 6.9 percent, down
for a fourth month, while imports slipped 18.8 percent, leaving
the country with a record high trade surplus of $61.64 billion.

* Global stocks were subdued as they digested data that
showed persistent weakness in demand globally. Traders said
markets were struggling to find a clear direction and some
profit taking was kicking in.

* U.S. stocks have posted higher weekly performances for six
weeks in a row. Wall Street closed little changed on Friday, as
a rise in financials offset a decline in utilities and other
sectors, as Wall Street took a strong U.S. jobs report as
evidence the Federal Reserve will soon raise interest rates.

* Traders are now expecting a 70 percent chance that the Fed
will raise rates off near-zero levels in December, according to
CME GRoup’s FedWatch.

* With quarterly earnings season nearly wrapped up,
investors will parse economic data for a picture of the state of
the U.S. economy ahead of the Fed’s meeting on Dec. 15-16.

* An increase in interest rates raises borrowing costs for
companies, but is good for banks and other financial companies.

* Apache’s shares were up 11 percent at $53
premarket after a Bloomberg report said the oil and gas company
rejected a takeover approach from an unidentified party.

* Plum Creek Timber soared 18.8 percent to $47.88
after Weyerhaeuser said it would buy the company to
create a $23 billion timber, land and forest products company.
Weyerhaeuser was up 1.9 percent.

Futures snapshot at 7:07 a.m. ET:

* S&P 500 e-minis were down 6.25 points, or 0.3
percent, with 109,814 contracts traded.

* Nasdaq 100 e-minis were down 11.25 points, or 0.24
percent, on volume of 17,993 contracts.

* Dow e-minis were down 46 points, or 0.26 percent,
with 15,160 contracts changing hands.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio
D’Souza)

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Wall St dips as jobs data boosts odds of Dec rate hike http://www.reuters.com/article/2015/11/06/usa-stocks-idUSL3N1315P620151106?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/06/wall-st-dips-as-jobs-data-boosts-odds-of-dec-rate-hike/#comments Fri, 06 Nov 2015 17:56:31 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=420 Nov 6 (Reuters) – U.S. stock indexes were slightly lower in
afternoon trading on Friday after a stronger-than-anticipated
jobs report hardened the chance that the Federal Reserve would
finally raise interest rates in December.

Eight of the 10 major S&P sectors were lower, with the
interest-rate sensitive utilities sector’s 3.83
percent decline easily the worst. The financials sector
was up 0.84 percent, led by bank stocks.

Job growth in October was the best since December 2014,
while the unemployment rate fell to 5 percent, the lowest since
April 2008. The jobless rate is now at a level many Fed
officials view as consistent with full employment.

“In the short term, this is likely to trigger increased
volatility, but if rates edge up and the world doesn’t end,
markets will start gaining confidence,” said Robert Craig,
Private Client Investment Manager at MB Capital in London.

Traders raised the odds of a hike in December to 70 percent
from the 58 percent just before the jobs data was released,
according to the CME Group’s FedWatch program.

The dollar hit a 6-1/2 month high after the data.

Higher rates increase borrowing costs for companies, while a
strong dollar hurts their income from overseas markets.

At 12:37 p.m. ET (1737 GMT), the Dow Jones industrial
average was down 59.46 points, or 0.33 percent, at
17,803.97.

The S&P 500 was down 12.42 points, or 0.59 percent,
at 2,087.51 and the Nasdaq composite index was down 4.40
points, or 0.09 percent, at 5,123.34.

Still, all three indexes were poised to end higher for the
sixth week in a row, with the Dow on track for its best six-week
run in nearly four years.

Among financial stocks, JPMorgan rose 2.9 percent
and gave the biggest boost to the S&P 500, followed by Bank of
America, up 3.5 percent and Citigroup, up 3
percent.

Goldman rose 2.8 percent and was the biggest
influence on the Dow, followed by Disney, which was up
2.2 percent after reporting a higher-than-expected profit.

Exxon was down 1.5 percent to $83.56, the biggest
drag on the S&P, after New York subpoenaed the company over its
statements on climate change.

Energy stocks fell 1.4 percent as crude oil prices
slipped. Chevron shed 2.3 percent and weighed the most
on the Dow.

Alibaba fell nearly 5 percent after a CNBC report
said short-seller Jim Chanos pitched the company as a possible
short.

Declining issues outnumbered advancing ones on the NYSE by
2,172 to 886. On the Nasdaq, 1,477 issues rose and 1,256 fell.

The S&P 500 index showed 12 new 52-week highs and eight new
lows, while the Nasdaq recorded 118 new highs and 57 new lows.

(Reporting by Abhiram Nandakumar in Bengaluru, additional
reporting by Charles Mikolajczak; Editing by Savio D’Souza)

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Wall St little changed; jobs data boosts odds of Dec rate hike http://www.reuters.com/article/2015/11/06/usa-stocks-idUSL3N1315GG20151106?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/06/wall-st-little-changed-jobs-data-boosts-odds-of-dec-rate-hike/#comments Fri, 06 Nov 2015 16:14:17 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=418 Nov 6 (Reuters) – U.S. stock indexes were little changed in
choppy morning trading on Friday after a
stronger-than-anticipated jobs report hardened the chance that
the Federal Reserve would finally raise interest rates in
December.

Eight of the 10 major S&P sectors were lower, with the
interest-rate sensitive utilities sector’s 3.42
percent decline easily the worst. The financials sector
was up 1.25 percent, led by bank stocks.

Job growth in October was the best since December 2014,
while the unemployment rate fell to 5 percent, the lowest since
April 2008. The jobless rate is now at a level many Fed
officials view as consistent with full employment.

“In the short term, this is likely to trigger increased
volatility, but if rates edge up and the world doesn’t end,
markets will start gaining confidence,” said Robert Craig,
Private Client Investment Manager at MB Capital in London.

“For a while now, it has felt like the Fed has wanted to
clear the psychological hurdle of that first rate rise, and it’s
now got that opportunity.”

Traders raised the odds of a hike in December to 70 percent
from the 58 percent just before the jobs data was released,
according to the CME Group’s FedWatch program.

The dollar rose to a 6-1/2 month high after the data.

Higher rates increase borrowing costs for companies, while a
strong dollar hurts their income from overseas markets.

At 10:44 a.m. ET (1544 GMT), the Dow Jones industrial
average was up 2.34 points, or 0.01 percent, at
17,865.77.

The S&P 500 was down 5.03 points, or 0.24 percent, at
2,094.9 and the Nasdaq Composite index was up 5.21
points, or 0.1 percent, at 5,132.95.

Among financial stocks, JPMorgan rose 3 percent and
gave the biggest boost to the S&P 500, followed by Bank of
America, up 3.8 percent and Citigroup, up 3.2
percent.

Goldman rose 3.3 percent and was the biggest
influence on the Dow, followed by Disney, which was up
2.6 percent after reporting a higher-than-expected profit.

Exxon was down 1.5 percent to $83.59, the biggest
drag on the S&P, after the New York attorney general launched an
investigation into whether the company misled the public and
shareholders about the risks of climate change.

Energy stocks fell 1 percent as crude oil prices
slipped. Chevron shed 2 percent and weighed the most on
the Dow.

TripAdvisor slumped 10 percent to $74.82, while
Kraft Heinz was down 4 percent at $72.49 after both
reported quarterly results below estimates. Kraft was the
biggest drag on Nasdaq.

Declining issues outnumbered advancing ones on the NYSE by
2,222 to 758. On the Nasdaq, 1,452 issues fell and 1,126
advanced.

The S&P 500 index showed 11 new 52-week highs and six new
lows, while the Nasdaq recorded 107 new highs and 50 new lows.

(Reporting by Abhiram Nandakumar in Bengaluru, additional
reporting by Charles Mikolajczak; Editing by Savio D’Souza)

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Wall St drops as jobs data boosts chances of Dec rate hike http://www.reuters.com/article/2015/11/06/usa-stocks-idUSL3N1315CK20151106?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/06/wall-st-drops-as-jobs-data-boosts-chances-of-dec-rate-hike/#comments Fri, 06 Nov 2015 15:01:28 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=416 Nov 6 (Reuters) – U.S. stocks were slightly lower on Friday
after a stronger-than-expected October jobs report boost
prospects that the Federal Reserve will raise interest rates
next month.

Nine of the 10 major S&P sectors were lower, with the
interest-rate sensitive utilities sector’s 3 percent
decline easily the worst. The financials sector, up 1
percent, was the only gainer.

The Labor Department’s report showed nonfarm payrolls
increased by 271,000 in October, beating the 180,000 expected.
Data for August and September were revised to show 12,000 more
jobs on average were created than previously reported.

The unemployment rate fell to 5.0 percent, the lowest since
April 2008, from 5.1 percent in September. The jobless rate is
now at a level many Fed officials view as consistent with full
employment.

“I think it’s good news – it’s good news for the economy,
eventually the market will take it as good news,” said Sean
Lynch, co-head of global equity strategy at Wells Fargo
Investment Institute in Omaha, Nebraska.

“It’s a blowout number, it’s a strong number for the jobs
and the consumer should be feeling pretty good heading into the
last couple of the months of the year.”

The dollar rose to a 6-1/2 month high after the data.

Higher rates increase borrowing costs for companies, while a
rise in the dollar hurts their income from overseas markets.

At 9:56 a.m. ET (1456 GMT), the Dow Jones industrial average
was down 52.18 points, or 0.29 percent, at 17,811.25.

The S&P 500 was down 10.18 points, or 0.48 percent,
at 2,089.75 and the Nasdaq Composite index was down
16.18 points, or 0.32 percent, at 5,111.56.

Chicago Fed President Charles Evans, an FOMC voting member,
said the payrolls numbers are “very good” and that he will keep
an open mind at the next Fed meeting on Dec. 15-16.

Traders raised the odds of a hike in December to 70 percent
from the 58 percent just before the jobs data was released,
according to the CME Group’s FedWatch program.

JPMorgan led the rise in financial stocks, rising
rose more than 3 percent, giving the biggest boost to the S&P
500.

Goldman also rose 3 percent and was the biggest
influence on the Dow, followed by Disney, which was up
2.5 percent after strong results.

TripAdvisor fell 10 percent to $75.02 after
quarterly results missed estimates.

Weight Watchers rose 23 percent to $20.82 after it
raised its 2015 adjusted profit forecast.

ZS Pharma soared 41 percent to $89.07 after
AstraZeneca said it would buy the biotech company for
$2.7 billion.

Declining issues outnumbered advancing ones on the NYSE by
2,241 to 628. On the Nasdaq, 1,509 issues fell and 916 advanced.

The S&P 500 index showed 10 new 52-week highs and five new
lows, while the Nasdaq recorded 96 new highs and 38 new lows.

(Reporting by Abhiram Nandakumar in Bengaluru, additional
reporting by Charles Mikolajczak; Editing by Savio D’Souza)

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Indexes set for lower open after strong jobs data http://www.reuters.com/article/2015/11/06/usa-stocks-idUSL3N1314X920151106?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/06/indexes-set-for-lower-open-after-strong-jobs-data/#comments Fri, 06 Nov 2015 13:52:42 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=414 Nov 6 (Reuters) – U.S. stock indexes were set to open lower
on Friday after data showed job growth surged in October,
pointing to a stronger labor market and boosting prospects that
the Federal Reserve will raise interest rates next month.

The Labor Department report showed nonfarm payrolls
increased by 271,000 in October, beating the 180,000 expected.
September’s figures were revised lower to 137,000 from 142,000.

The unemployment rate fell to 5.0 percent, the lowest since
April 2008, from 5.1 percent in September. The jobless rate is
now at a level many Fed officials view as consistent with full
employment.

“This is without question the sort of report that will
continue to keep the hike conversation for December alive and
well,” said Tom Porcelli, Chief U.S. Economist at RBC Capital
Markets in New York.

“For even those folks that have been doubters about it, this
has to pull them to the other side in terms of that
conversation,” he said. “One number in and of itself will not
dictate if a hike happens or not, but a number like this is hard
to shrug off.”

Traders raised the odds of a hike in December to 70 percent
from the 58 percent just before the jobs data was released,
according to the CME Group’s FedWatch program.

Fed Chair Janet Yellen hinted earlier this week that the
central bank may move in December if data showed the economy was
strong enough to sustain higher rates.

At 8:50 a.m. ET (1350 GMT), S&P 500 e-minis were down
5.75 points, or 0.27 percent, with 283,051 contracts traded.

Nasdaq 100 e-minis were down 9.5 points, or 0.2
percent, on volume of 38,969 contracts. Dow e-minis were
down 36 points, or 0.2 percent, with 29,172 contracts changing
hands.

U.S. stocks closed lower on Thursday, weighed down by mixed
earnings and a decline in energy stocks.

Nvidia’s shares rose 8.6 percent to $30.10
premarket after the chipmaker’s third-quarter results beat
expectations.

TripAdvisor fell 10.1 percent to $74.69 after
quarterly results missed estimates.

Youku Tudou rose 10 percent to $26.87 after Alibaba
said it would buy the company for $27.60 per ADS, $1
higher than its previous offer. Alibaba was up 0.2 percent.

Weight Watchers rose 19 percent to $20.15 after it
raised its 2015 adjusted profit forecast.

ZS Pharma soared 41 percent to $89.18 after
AstraZeneca said it would buy the biotech company for
$2.7 billion.

Fed Board Governor Lael Brainard is among Fed policymakers
scheduled to speak on Friday. Berkshire is scheduled to
report results after the close.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio
D’Souza)

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Stock futures flat ahead of nonfarm payrolls data http://www.reuters.com/article/2015/11/06/us-markets-stocks-idUSKCN0SV1KV20151106?feedType=RSS&feedName=everything&virtualBrandChannel=11563 http://blogs.reuters.com/abhiram-nandakumar/2015/11/06/stock-futures-flat-ahead-of-nonfarm-payrolls-data/#comments Fri, 06 Nov 2015 12:28:15 +0000 http://blogs.reuters.com/abhiram-nandakumar/?p=410 By Abhiram Nandakumar

(Reuters) – U.S. stock index futures were little changed on Friday ahead of the comprehensive monthly jobs report, which could influence the Federal Reserve’s decision to raise interest rates next month.

* The report by the Labor Department, due at 8:30 a.m. ET, is expected to show that nonfarm payrolls increased 180,000 in October, above the 139,000 jobs per month average for August and September.

* Fed Chair Janet Yellen hinted earlier this week that the central bank may move in December if data showed the economy was strong enough to sustain higher rates.

* Economists have said job gains above 150,000 in October and November would be sufficient for the Fed to lift rates from the near-zero levels they have been kept at for nearly a decade.

* Traders see a 58 percent chance of a rate liftoff in December, according to the CME Group’s FedWatch program.

* Global stock markets were subdued, while the dollar .DXY rose to a three-month high on Friday.

* U.S. stocks closed lower on Thursday, weighed down by mixed earnings and a decline in energy stocks.

** Nvidia’s shares (NVDA.O: Quote, Profile, Research, Stock Buzz) rose 10 percent to $30.50 premarket after the chipmaker’s third-quarter results beat expectations.

* TripAdvisor (TRIP.O: Quote, Profile, Research, Stock Buzz) fell 9.2 percent to $75.50 after quarterly results missed estimates.

* Youku Tudou (YOKU.N: Quote, Profile, Research, Stock Buzz) rose 9.2 percent to $26.60 after Alibaba (BABA.N: Quote, Profile, Research, Stock Buzz) said it would buy the company for $27.60 per ADS, $1 higher than its previous offer. Alibaba was up 0.3 percent.

* Weight Watchers (WTW.N: Quote, Profile, Research, Stock Buzz) rose 15.8 percent to $19.60 after it raised its 2015 adjusted profit forecast,

* ZS Pharma (ZSPH.O: Quote, Profile, Research, Stock Buzz) soared 40.2 percent to $88.75 after AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz) said it would buy the biotech company for $2.7 billion.

* Fed Board Governor Lael Brainard and Chicago Fed President Charles Evans are among Fed policymakers scheduled to speak on Friday. Berkshire (BRKa.N: Quote, Profile, Research, Stock Buzz) is scheduled to report results after the close.

Futures snapshot at 7:10 a.m. ET:

* S&P 500 e-minis ESc1 were up 0.75 points, or 0.04 percent, with 78,595 contracts traded.

* Nasdaq 100 e-minis NQc1 were up 6 points, or 0.13 percent, on volume of 12,997 contracts.

* Dow e-minis 1YMc1 were down 5 points, or 0.03 percent, with 9,133 contracts changing hands.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D’Souza)

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