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Top 10 Stock News Headlines Today
Below are the headlines and summary of top stock market news.
1. U.S. oil prices settle below $80 a barrel after OPEC+ stands pat on output increases
Oil futures ended lower on Thursday, with U.S. prices settling below $80 a barrel for the first time since early October. Oil saw a volatile session, with prices seesawing between gains and losses in the wake of a decision by the Organization of the Petroleum Exporting Countries and their allies to stick to their current agreement, as expected, to raise monthly crude production by 400,000 barrels per day. While oil had initially rallied after the announcement, the “affirmation of expectations” met with short-term profit taking, said Rob Haworth, senior vice president at U.S. Bank Wealth Management. “A key question is when or if U.S. shale producers may alter strategies to expand output,” he said. December WTI oil fell $2.05, or 2.5%, to settle at $78.81 a barrel on the New York Mercantile Exchange. Prices for the front-month contract settled at their lowest since Oct. 7, according to FactSet data.
2. Bank stocks take a broad beating as Treasury yields fall in wake of Fed taper talk
Financial stocks were suffering a broad beating Thursday, as Treasury yields sank in the wake of the Federal Reserve’s detailing of its widely expected tapering plans, and as the Bank of England held off on an expected rate hike. The SPDR Financial Select Sector ETF dropped 2.0% with 61 of 65 equity components losing ground. within the Dow Jones Industrial Average , Goldman Sachs Group Inc.’s stock was the biggest drag, as it fell $13.49, or 3.2%. Elsewhere, shares of JPMorgan Chase & Co. lost 2.3%, Bank of America Corp. dropped 3.0%, Citigroup Inc. slid 3.4% and Wells Fargo & Go. shed 2.9%. Meanwhile, the yield on the 10-year Treasury note declined 6.0 basis points to 1.519%. Lower long-term interest rates could hurt bank profits, as the spread between what banks can earn on longer-term assets, such as loans, that are funded with shorter-term liabilities is narrowed.
3. Nasdaq rallies toward longest win streak in 2 years despite negative market breadth
Both the S&P 500 and Nasdaq Composite are rallying toward sixth-straight record closes, but market breadth data is showing that the broader market is actually declining. The Nasdaq is also headed for a ninth-straight gain, which would be the longest win streak since the 11-day stretch ended Dec. 26, 2019. Meanwhile, the number of declining stocks are outnumbering advancers 1,743 to 1,399 on the NYSE and 2,424 to 1,802 on the Nasdaq. Volume in declining stocks represented 63.8% of total volume on the NYSE and 47.6% of total volume on the Nasdaq. Meanwhile, the Dow Jones Industrial Average fell 111 points, or 0.3%, with 16 of 30 components losing ground.
4. Gold futures settle higher as U.S. Treasury yields fall a day after the Fed’s policy decision
Gold futures ended sharply higher on Thursday, supported by a fall in U.S. Treasury yields in the wake of Wednesday’s decision by the Federal Reserve to taper bond purchases by $15 billion a month. December gold rose $29.60, or 1.7%, to settle at $1,793.50 an ounce after posting a loss of 1.4% on Wednesday.
5. Google to allow third-party payment options for in-app purchases in South Korea
Google parent Alphabet Inc. late Wednesday said it would allow third-party payment options for in-app purchases on Google Play, a significant concession as governments like South Korea crack down on the power wielded by mobile ecosystems run by Google, Apple Inc. , and others. The change, announced in a blog post by Wilson White, senior director of public policy, “will allow us to comply with the law, continue to invest in Android and Google Play, and provide the seamless, safe and trusted user experience billions of people expect from Google Play,” White wrote. Google did say it will continue to charge developers a commission if users pay using a third-party system. But that fee will be reduced slightly as compensation for the costs of supporting alternative payments. In late August, Apple said it would open its app stores to alternative payment systems in South Korea, after a law amended the country’s Telecommunications Business Act to prevent large app-market operators from requiring the use of their in-app purchasing systems.
6. Chipotle aims to cut carbon emissions in half by 2030
Chipotle Mexican Grill Inc. said Thursday that it aims to cut greenhouse gas emissions in half by 2030 with a focus on packaging, the supply chain, restaurant design and other areas. Chipotle stock is up 29.3% for the year to date, outpacing the S&P 500 index , which is up 24.2% for the period.
7. NerdWallet shares soar 48% in trading debut
Shares of personal finance website NerdWallet Inc. soared 48% in their trading debut Thursday, after the company’s initial public offering priced at $18 a share, the midpoint of its proposed $17 to $19 range. The company sold 7.25 million shares to raise $130.5 million. With 64.7 million shares expected to be outstanding after the deal, the company’s valuation is $1.2 billion. The stock is trading on Nasdaq later Thursday under the ticker “NRDS.” Morgan Stanley was lead underwriter in a syndicate of eight banks.
8. Arhaus stock debuts 3.8% below its downsized IPO’s price, then turns higher
Shares of Arhaus Inc. received a mixed reaction in its Wall Street debut, as the stock opened 3.8% below the initial public offering price, then quickly rose above it. The Ohio-based premium home furnishings retailer’s downsized IPO priced at $13 a share, below the expected range, as the company raised $167.7 million. The stock’s first trade was at $12.50 at 11:17 a.m. Eastern for 1.1 million shares. At that price, the company was valued at about $1.75 billion. The stock has bounced since then, to trade recently up 2.5% at $13.32. The stock’s mixed opening comes on a day that the Renaissance IPO ETF dropped 1.7% while the S&P 500 rose 0.2%.
9. NerdWallet IPO prices at $18 a share, midpoint of proposed range
Personal finance website NerdWallet Inc. said its initial public offering priced at $18 a share, the midpoint of its proposed $17 to $19 range. The company sold 7.25 million shares to raise $130.5 million. With 64.7 million shares expected to be outstanding after the deal, the company’s valuation is $1.2 billion. The stock will trade on Nasdaq later Thursday under the ticker “NRDS,” with Morgan Stanley leading a syndicate of eight banks.
10. Arhaus set for downbeat debut after retailer’s downsized IPO priced below expected range
Arhaus Inc. appears headed for a downbeat debut on Wall Street, as the Ohio-based premium home furnishings retailer’s stock is indicated to open below the downsized initial public offering price. The company said overnight that its IPO priced at $13 a share, below the expected range of between $14 and $17 a share. The company raised $167.7 million as it sold 12.90 million shares in the IPO, which was expected, but selling shareholders didn’t end up selling the 10.00 million shares that was expected. The stock was recently indicated to open on the Nasdaq at around $12.50, or 3.8% below the IPO price. At that price, the company would be valued at about $1.75 billion, well below the previously expected valuation of up to $2.38 billion. The company is going public on a day that the Renaissance IPO ETF slipped 0.3% in morning trading while the S&P 500 gained 0.5%.
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