September 9, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
On Monday, markets were closed due to a holiday.
On Tuesday, the ISM non-manufacturing index was released for August and it was extremely disappointing, dropping more than 4 points to 51.4. This was its weakest reading since February 2010. Markets gained slightly on the news, as this strengthened the likelihood that the Fed will not raise rates in September. Brent oil fell slightly when the Saudi Energy Minister said that a production freeze was not currently needed, and the NASDAQ composite closed at a record high.
On Wednesday, the JOLTS job report for July gained 4% to 5.871 million job openings. The Federal Reserve released its Beige Book, which described economic growth in July and August as modest, and wage pressures as modest. Companies also reported difficulty filling high-skill positions. Markets were mixed on the news, however, NASDAQ eked out a small gain to close at a record high.
On Thursday, jobless claims for the week ending September 3rd fell 4,000 to 259,000 and the EIA petroleum status report for the week ending September 2nd dropped a very sharp 14.5 million barrels, and its biggest drop since January 1999. West Texas Intermediate Crude rose 4.7% to $47.62 a barrel on the news. The European Central Bank announced they would be keeping interest rates steady and did not discuss extending quantitative easing past its current expiration next March.
On Friday Boston’s Federal Reserve president warned that the U.S. economy can overheat if tightening does not begin soon. Markets opened down sharply on the news. Now let’s take a look at some stocks.
Shares of Alibaba Group Holding Limited (NYSE:BABA) continue to rise as the company reached a new 52 week high. On Alibaba’s online trading platform, Taobao, sales of counterfeit goods have long been an issue, with many trade groups urging the Chinese e-commerce giant to take action and crack down. The company will be working with several international anti-counterfeiting coalitions, in order to reduce counterfeit listings on its websites.
Shares of Baidu, Inc. (NASDAQ:BIDU) surged 5% after the company announced a European expansion. The technology company has already capitalized on the Chinese market since Google left in 2010. In order to successfully penetrate foreign markets, Baidu can’t rely solely on its traditional search engine, but must also diversify its portfolio of services.
On Wednesday, shares of airline company Delta Air Lines, Inc. (NYSE:DAL) were up over 5.8% after releasing earnings despite lowered guidance for the next quarter. As you may recall, this past August, the company had a power outage at its Atlanta data center, causing its booking and operations computers to go offline for nearly 5 hours. The overall cost for this recent outage was a whopping $150 million.
American computer data storage company, Western Digital Corp. (NASDAQ:WDC) elevated its next quarter’s guidance to $1 to $1.05 per share, compared to its previous estimate of $0.85 to $0.90 a share. The company announced that its recent acquisition of SanDisk, had a positive impact on its consumer base and included a more favorable product mix.
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