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Stock Market News Today | Top Headlines Wed, 03 Nov 2021 17:16:47 GMT

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Top 10 Stock News Headlines Today

Below are the headlines and summary of top stock market news.

1. Treasury yields turn higher after FOMC statement

Treasury yields turn higher across the board as traders continued to digest the FOMC statement. The 2-year rate rose to 0.466%, while the 10-year rate climbed to 1.59% and the 30-year rate was around 1.99%.

2. Gold settles at its lowest in about 3 weeks, climbs after the Fed’s decision to taper bond purchases

Gold prices settled sharply lower on Wednesday, pressured by data showing that the U.S. private sector created more jobs than expected in October. “Investors who were itching for an opportunity to attack gold were given the thumbs up on Wednesday following the strong ADP jobs report,” said Lukman Otunuga, manager, market analysis, at FXTM. “The precious metal tumbled like a house of cards, cutting through multiple support levels like a hot knife through butter,” he said. Prices then moved up in electronic trading after Federal Reserve officials announced plans to taper bond purchases by $15 billion a month starting in mid-November, as expected. December gold was at $1,767.20 an ounce in electronic trading, following a settlement at $1,763.90, down $25.50, or 1.4%, for Wednesday’s session. The settlement was the lowest for a most-active contract since Oct. 12, FactSet data show.

3. S&P 500 turns slightly higher after Fed statement

Stocks were buoyed modestly Thursday after the Federal Reserve announced, as expected, it would begin tapering its monthly bond purchases, while sticking to its description of inflationary pressures as transitory. Stocks were mostly a shade lower ahead of the Fed announcement, with the S&P 500 now up 0.1% at 4,637 and the tech-heavy Nasdaq Composite up 0.4% at 15,716. The Dow Jones Industrial Average remained slightly lower, down 78 points, or 0.2%, near 35,975. All three indexes closed at records on Tuesday.

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4. Treasury yields X after FOMC statement

Treasury yields were little changed on Wednesday after the release of the Federal Open Market Committee’s statement. The 30-year rate [bx: tmubmusd30y] remained lower at around 1.95%. Meanwhile, the 2-year rate [bx: tmubmusd02y] remained higher at 0.46% and the 10-year rate [bx:tmubmusd10y] at roughly 1.56%.

5. House Democrats put paid leave back in social-spending bill, Manchin still opposes

Top House Democrats Nancy Pelosi and Richard Neal on Wednesday said they were putting a provision on paid family and medical leave back into the Build Back Better Act, their party’s $1.75 trillion social-spending bill. Last week, paid leave was among the items axed from the sweeping measure, as Democratic lawmakers worked to come to an agreement. A key moderate Democratic senator, Joe Manchin of West Virginia, told reporters he still opposes including paid leave, when he was asked about the move by Pelosi and Neal.

6. Allbirds shares soar out of the gate, running up 63% in trading debut

Allbirds Inc. stock skyrocketed in its trading debut, running up more than 63% out of the gate. The eco-friendly shoe company is trading on the Nasdaq under the ticker “BIRD.” Shares priced at $15, above the expected range of $12 to $14. The stock’s first trade was at $21.21 at 11:17 a.m. Eastern for 1.9 million shares, which valued the company at about $3.04 billion. The Renaissance IPO ETF has gained 7% for the year to date while the S&P 500 index is up 23.1% for the period.

7. EIA reports a bigger-than-expected weekly climb in U.S. crude supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 3.3 million barrels for the week ended Oct. 29. On average, analysts polled by S&P Global Platts expected a 300,000-barrel climb. The American Petroleum Institute on Tuesday reported a 3.6 million-barrel increase, according to sources. The EIA also reported a weekly inventory decline of 1.5 million barrels for gasoline, but distillate stockpiles edged up by 2.2 million barrels. The S&P Global Platts survey expected supplies to decrease by 900,000 barrels for gasoline and 1.5 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub down by 900,000 barrels for the week. Oil prices extended their decline after the EIA data. December West Texas Intermediate crude contract fell $2.42, or 2.9%, at $81.49 a barrel on the New York Mercantile Exchange. It traded at $81.82 before the supply data.

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8. U.S. factory orders increase 0.2% in September as shortages persist

Orders for goods produced by U.S. factories rose 0.2% in September, the government said Wednesday. The increase matched the forecast of economists polled by MarketWatch. Orders for durable goods slid 0.3%, but the decline was offset by a 0.8% increase in orders for nondurable goods. U.S. manufacturers have plenty of demand, but they are having trouble finding enough labor and materials to keep production going at full tilt. Auto makers have been particularly hard hit. The shortages have slowed the U.S. economic recovery.

9. Wells Fargo now sees regulatory issues as ‘likely’

Wells Fargo & Co. materially negatively changed the language on potential regulatory issues in its third-quarter 10-Q filing, according to JPMorgan analyst Vivek Juneja. For the most recent quarter, the bank said it is “likely to experience issues or delays along the way” in satisfying regulators. Past filings contained the phrase “may experience issues or delays” starting in the first quarter of this year. “There were no details on these issues or delays in the 10-Q – the only news this year has been the OCC’s consent order and fine from September,” Juneja said in a note released Wednesday. “The key risk is that any further issues or delays would increase scrutiny and could further delay the asset cap getting lifted given Fed Governor Powell’s comments from late September that Wells Fargo’s asset cap will stay until the bank has comprehensively fixed its problems.” Powell also said the Fed is very closely monitoring Wells Fargo and would take appropriate actions if Wells fails to meet the Fed’s expectations, he said. Meanwhile, Wells Fargo’s legal costs not yet accrued for rose by $200 million to $3 billion for the bank’s third straight quarter of increases. Wells Fargo shares rose by 0.5% in morning trades.

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10. Office Depot parent ODP beats on profit but misses sales expectations

Office Depot parent ODP Corp. reported third-quarter net income totaling $101 million, or $1.85 per share, up from $57 million, or $1.04 per share, last year. Adjusted EPS of $1.76 beat the FactSet consensus for $1.43. Sales of $2.18 billion were down from $2.35 billion last year and missed the FactSet consensus for $2.27 billion. ODP attributed the sales decline to 163 fewer retail locations and a diminished demand for items in certain categories compared with last year. “The investments we’ve made in our private fleet, distribution assets, and diverse third party carrier relationships are helping us mitigate some of the impacts related to the recent industry-wide supply chain disruptions,” said Gerry Smith, ODP chief executive, in a statement. Smith also said that the delta variant slowed the back-to-office trends, though there was strength in back-to-school items as more students and teachers headed back to classrooms. ODP is in the process of separating its business solutions arm from its retail business. The spin-off is expected to be complete during the first half of 2022. ODP shares have advanced 50% for the year to date while the S&P 500 index is up 23.2% for the period.

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