Stock market news live updates: Stock futures rise after strong earnings; Gold tops $2,000 per ounce
Stock futures rose Wednesday morning as investors awaited more updates on stimulus talks out of Washington and another batch of corporate earnings and economic data reports. During the regular session, the Nasdaq logged a fifth straight session of gains and closed at a record, and the S&P 500 and Dow rose for a third straight day. Gold topped $2,000 per ounce.
MRNA) and CVS (CVS) each rose ahead of the opening bell, after each company topped expectations in second-quarter results. Health-care company CVS grew profit more than 50% over last year as costs in its health-care benefits unit fell. The company also raised its full-year profit guidance. Moderna’s revenue of $66 million was more than double consensus estimates, and the company said it remained on track to finish enrollment for its Phase 3 coronavirus vaccine trial in September.
DIS) also jumped in early trading, after the company reported mixed third-quarter results Tuesday evening but unexpectedly eked out an adjusted profit per share despite broad-based business disruptions due to the pandemic. In a move to begin rolling out its backlog of films not yet released in theaters, Disney said it would release its live-action “Mulan” starting Sept. 4 on Disney+, with the streaming platform now boasting 60.5 million global subscribers. Disney also plans to launch a new streaming service under its “Star” brand.
first of several major economic data reports this week on the state of the labor market – and the print drastically missed expectations. The ADP National Employment Report showed private employers added back a net 167,000 payrolls in July, whereas consensus economists expected additions of 1.2 million. Private payrolls had increased by an upwardly revised 4.314 million in June.
However, the July report will also give a somewhat dated look at the job market in America, with the coronavirus pandemic and efforts to contain it still under way. Improvements in the labor market and in consumer health are expected to backslide in the absence of further stimulus measures from Congress.
Nancy Pelosi, (D-Calif., Senate Minority Leader Chuck Schumer (D-N.Y.) and administration officials having taken place Tuesday afternoon. White House chief of staff Mark Meadows told reporters Tuesday that the sides were “a long ways away from striking any kind of deal,” according to the Wall Street Journal.” data-reactid=”27″>To that end, discussions in Washington, D.C. remain a focal point, with talks between House Speaker Nancy Pelosi, (D-Calif., Senate Minority Leader Chuck Schumer (D-N.Y.) and administration officials having taken place Tuesday afternoon. White House chief of staff Mark Meadows told reporters Tuesday that the sides were “a long ways away from striking any kind of deal,” according to the Wall Street Journal.
lawmakers have expressed skepticism that the sides would be able to quickly convene on major sticking points. Last week, the $600 per week in enhanced federal unemployment benefits expired, leaving tens of millions of Americans stuck in the lapse as negotiators try and convene on the level and duration at which to extend this support. Disagreements as to the size of the overall package – with the Democratic plan topping $3 trillion in support and the Republican plan at $1 trillion – also lingered.” data-reactid=”28″>Other lawmakers have expressed skepticism that the sides would be able to quickly convene on major sticking points. Last week, the $600 per week in enhanced federal unemployment benefits expired, leaving tens of millions of Americans stuck in the lapse as negotiators try and convene on the level and duration at which to extend this support. Disagreements as to the size of the overall package – with the Democratic plan topping $3 trillion in support and the Republican plan at $1 trillion – also lingered.
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8:15 a.m. ET: Private payrolls rise by 167,000 in July, sharply missing estimates: ADP
US private employers added back a net 167,000 jobs in July, according to ADP’s monthly report Wednesday. This was sharply below expectations for a rise of 1.2 million.
June’s private payrolls were upwardly revised to see a net 4.314 million additions, from the 2.369 million previously reported.
ADP’s report comes two days before the Department of Labor’s “official” monthly jobs report, set for release Friday. The ADP report is typically an imperfect indicator of the Labor Department’s report. As of Wednesday’s estimates, consensus economists expected that the government report will show private payrolls rose by 1.5 million in July.
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7:20 a.m. ET Wednesday: Stock futures point to a higher open
Here were the main moves in equity markets, as of 7:20 a.m. ET:
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S&P 500 futures (ES=F): 3,318.00, up 18 points, or 0.55%
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Dow futures (YM=F): 26,907.00, up 190 points, or 0.71%
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Nasdaq futures (NQ=F): 11,122.5, up 36.5 points, or 0.33%
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Crude (CL=F): +$1.14 (+2.73%) to $42.84 a barrel
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Gold (GC=F): +$34.40 (+1.70%) to $2,055.40 per ounce
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10-year Treasury (^TNX): +2 bps to yield 0.533%
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6:02 p.m. ET Tuesday: Stock futures open little changed
Here were the main moves in equity markets, as of 6:02 p.m. ET:
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S&P 500 futures (ES=F): 3,299.75, down 0.25 points, or 0.01%
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Dow futures (YM=F): 26,744.00, up 27 points, or 0.1%
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Nasdaq futures (NQ=F): 11,075.5, down 10.5 points, or 0.09%
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