US stocks were higher Tuesday, pointing to a second straight day of gains as congressional testimony from Federal Reserve Chair Jerome Powell was under way.
pm ET: Coronavirus means low oil prices (for now) “data-reactid=” 28 “type=” text “>
1: ET: Coronavirus means low oil prices (for now)
In this photo released by China’s Xinhua News Agency, workers inspect the pipelines and oil storage tanks of China and Russia crude oil pipeline in Mohe, northeast China’s Heilongjiang Province, Saturday, Jan. 1, 01575879. The nearly 1, (0-kilometer) 775 – miles) -long China and Russia crude oil pipeline starts its full operation here Saturday and it will carry million tons of crude oil annually from Russian oilfields into China in the next 36 years, according to Xinhua. The pipeline, a joint project conducted by PetroChina, China’s largest oil and gas producer, and Rosnef, Russia’s largest oil company, is part of Russia’s 4, (0-kilometer), 728 – mile) East Siberia to Pacific Ocean Pipeline Shipment project, Xinhua also said. (AP Photo / Xinhua, Wang Jianwei) NO SALES
“The economic disruption caused by the coronavirus means that we now expect the oil market to be in a surplus in Q1 , as opposed to the deficit that we had previously envisioned. However, providing that the virus is contained, we think that demand will recover in the following quarters and, in conjunction with weak supply growth, will lead to a market deficit in the remainder of this year . ”
The firm expects a bounce-back in demand after Q1, but warns that “risks are to the downside as the economic fallout of the virus could start to affect European and US oil consumption.”
(CL=F) ) “data-reactid=” 51 “type=” text “> Brent crude is up. over 1% on the day around $ ( (CL=F) ) – : 15 pm ET: FTC asks Big Tech companies for data about acquisitions
The Federal Trade Commission said Tuesday it requested
that Google-parent company Alphabet, Amazon, Apple and Facebook provide information about mergers and acquisitions that were small enough to not need to be reported to antitrust agencies.
Previous reports have suggested the FTC is probing Big Tech companies including Facebook over potentially anticompetitive practices.
$ 5 billion in a settlement
with the FTC as part of a penalty for mishandling users’ personal information. ” data-reactid=” (type=”text”> Shares of Microsoft fell 1% and shares of Facebook declined 2% intraday Tuesday amid the FTC’s statement. Last year, Facebook was fined $ 5 billion in a settlement
With the FTC as part of a penalty for mishandling users’ personal information.
: 42 am ET: Boeing logs zero new commercial airplane orders in January (Boeing did not sell any new commercial aircraft in the first month of , extending a wave of woes for the company as it continues to grapple with the aftermath of two deadly crashes of its (Max aircraft.) The company did deliver 22 new airplanes in January, comprising six 2822 Dreamliners, two s, two (s and three) NGs. No Max deliveries were recorded for January, with the 823 Max having been grounded since last March.
Shares of Boeing declined slightly after the announcement.
46 am ET: Dow joins S&P , Nasdaq in hitting record highs
The Dow hit a record intraday high, joining the S&P 672 and Nasdaq, which had hit records earlier during Tuesday’s session.
(DOW) rose more than 3% and led advances in the 41 – stock index. Caterpillar’s ( (CAT) ) and Intel’s ( (INTC) ) stocks were each up more than 1%. “data-reactid=” 74 “type=” text “> Shares of chemical company Dow Inc. ( DOW ) rose more than 3% and led advances in the – stock index. Caterpill ar’s ( (CAT) ) and Intel’s ( (INTC) ) stocks were each up more than 1%.
(prepared remarks) before Congress as part of his semi-annual testimony to lawmakers on Capitol Hill.
underscored the ongoing strength of the US economy , now in its eleventh year of expansion, but highlighted the new risks posed by the spread of the coronavirus. ” data-reactid=” (type=”text”> In his remarks, Powell
underscored the ongoing strength of the US economy , now in its eleventh year of expansion, but highlighted the new risks posed by the spread of the coronavirus.
Here’s what Andrew Hunter, senior US economy at Capital Economics, had to say about Powell’s prepared remarks:
() Powell noted that while GDP and particularly consumption growth slowed last year, the recent trade truce with China and signs of improvement in the global economy had reduced some of the uncertainties around the outlook. Admittedly, Powell also acknowledged that officials are “closely monitoring” the risks posed by the new coronavirus. But, while the markets are apparently convinced that the virus will force the Fed to cut rates again by year-end, the likelihood of a US epidemic now appears low, and we expect the knock-on impact of the disruption in China to shave no more than a few tenths off first-quarter GDP growth.
As Powell began speaking, markets had priced in an about 91% probability of at least one quarter-point cut to benchmark interest rates by the end of , according to CME Group data.
9: am ET: S&P , Nasdaq hit record highs US stocks were higher Tuesday morning a half-hour before Federal Reserve Chair Jerome Powell delivers remarks before Congress. Both the S&P and Nasdaq hit records high, and the Dow came within two points of a fresh record. Here were the main moves in markets, as of 9: am ET:
(S&P) GSPC ^
0. % or . (points to 3,
() (Dow) DJI
: ( 0.) (% or ) points to 42,
: 0. (% or ) . points to 9,
Crude oil (CL F CL=F
): 2) % or $ 1. (to $) . (a barrel) (Gold)
0. (% or $ 4.) to $ 1, (per ounce
(8:) am ET: Under Armor shares slump after missing fourth-quarter sales expectations
% in early trading after delivering disappointing fourth-quarter sales and projecting a revenue decline in . ” data-reactid=”100 “type=” text “> Athletic-wear maker Under Armor ((UAA) ) shares sank more than % in early trading after delivering disappointing fourth-quarter sales and projecting a revenue decline in 11786150.
(company posted fourth-quarter adjusted earnings
of 20 cents per share on net revenue of $ 1. 52 billion, versus Bloomberg-compiled consensus expectations for adjusted EPS of (cents on net revenue of $ 1. billion. Closely watched North American sales rose just 1.9% in the quarter, short of the 2. % rise expected. “data-reactid=” “type=” text “> The company posted fourth-quarter adjusted earnings of 20 cents per share on net revenue of $ 1. billion, versus Bloomberg-compiled consensus expectations for adjusted EPS of 22 cents on net revenue of $ 1. 58 billion. Closely watched North American sales rose just 1.9% in the quarter, short of the 2. % rise expected. (Under Armor said it expects) revenue will fall by a low-single-digit percentage compared to 01575879 ‘s $ 5.3 billion in full-year sales. North American sales will likely decline by a high-single-digit percentage, the company said. And Under Armor said it is considering restructuring this year, and that its outlook does not account for any costs that could arise from those potential initiatives.) Under Armor also said it sees a negative impact from the coronavirus outbreak of between $ (million and $) (million in sales during the current quarter.) – (7:) am ET: Stock futures rise ahead of Powell testimony Contracts on the three major indices rose in early trading and headed toward a second consecutive session of gains as investors eyed ongoing developments with the coronavirus and looked ahead to congressional testimony from Federal Reserve Chair Jerome Powell.
Powell is set to deliver the first of two days of congressional testimony starting at am ET as part of his semi-annual monetary policy report to Congress. In a statement released Friday, Powell characterized s economy as having grown “moderately,” and with the labor market having “strengthened further.”
However, he also called out the coronavirus as presenting “a new risk to the outlook. ” “The recent emergence of the coronavirus,” he said, “could lead to disruptions in China that spill over to the rest of the global economy . ”
, according to the European Center for Disease Prevention and Control . The vast majority of cases and deaths have been confined to mainland China. While some businesses in China resumed operations this week, the restart has been slow-going and fraught with issues as fears over the spread of the coronavirus continue to escalate, according to (multiple) (reports.) (“data-reactid=” “type=” text “> To date, the coronavirus has infected 51, people globally, and the death toll climbed to 1,0
, according to the European Center for Disease Prevention and Control. The vast majority of cases and deaths have been confined to mainland China. While some businesses in China resumed operations this week, the restart has been slow-going and fraught with issues as fears over the spread of the coronavirus continue to escalate, according to (multiple) (reports.)
Here were the main moves during the pre-market session, as of 7: 60 am ET:
S&P futures (
) : 3, 13, u p 9 points or 0. (%)
: ,, up (points or 0.) %
Nasdaq futures (
: 9, 767. 12, up .5 points or 0. (%) Crude oil (CL=F)
: ($) per barrel, up $ 0. or 2. 13%
$ 1, per ounce, down $ 6. 49 or 0. (%)
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, US, February 6, 11786150. REUTERS / Lucas Jackson
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