Friday, October 30

Stock market news live updates: Stocks fall as U.S.-China tensions simmer – Yahoo Money

Stocks fell in early trading on Friday, extending losses from Thursday’s session as investors eyed renewed tensions between the U.S. and China.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Shares of Twitter also added to losses, after President Donald Trump signed an executive order aimed at limiting legal protections federal laws offer social media platforms, following a public spat with the site over its decision to fact-check one of Trump’s assertions. The fight intensified on Friday after Twitter flagged one of the president’s posts as potentially inciting violence — causing him to lash out anew, accusing the platform of siding with China and his Democratic opponents.” data-reactid=”17″>Shares of Twitter also added to losses, after President Donald Trump signed an executive order aimed at limiting legal protections federal laws offer social media platforms, following a public spat with the site over its decision to fact-check one of Trump’s assertions. The fight intensified on Friday after Twitter flagged one of the president’s posts as potentially inciting violence — causing him to lash out anew, accusing the platform of siding with China and his Democratic opponents.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”In a press conference on Friday afternoon, Trump is expected to address some of the recent flashpoints between the world’s two largest economies. In the prior session, investors sent indexes broadly lower when the conference was first announced.” data-reactid=”20″>In a press conference on Friday afternoon, Trump is expected to address some of the recent flashpoints between the world’s two largest economies. In the prior session, investors sent indexes broadly lower when the conference was first announced.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”China on Thursday approved a draft decision for new national security legislation that would impose on freedoms in Hong Kong, in a move that would encroach on the autonomy of the region and jeopardize its special trade status with the U.S. This came against a backdrop of other issues chipping at the relations between the two countries, with Trump repeatedly blaming China for its mishandling of the coronavirus pandemic, and Washington moving to pass legislation that would delist some Chinese corporations from U.S. exchanges.” data-reactid=”21″>China on Thursday approved a draft decision for new national security legislation that would impose on freedoms in Hong Kong, in a move that would encroach on the autonomy of the region and jeopardize its special trade status with the U.S. This came against a backdrop of other issues chipping at the relations between the two countries, with Trump repeatedly blaming China for its mishandling of the coronavirus pandemic, and Washington moving to pass legislation that would delist some Chinese corporations from U.S. exchanges.

While the apparent re-escalation of tensions with China has spooked markets in recent sessions, some analysts maintained that punitive measures in the form of increased tariffs – a major driver of stock market volatility last year – is unlikely to occur in the near-term given the economic disruption already induced by the coronavirus pandemic.

“Further tariff increases look less likely than some of these other measures, in our view. While US exports to China have so far fallen well short of the goals in the Phase 1 agreement, imposing additional tariffs on US consumers in the midst of a recession ahead of the presidential election still appears to carry more political risks than benefits,” Goldman Sachs analysts Alec Phillips and Andrew Tilton said in a note Thursday.

“We anticipate that Chinese policymakers would generally react proportionately or less-than proportionately to any further US actions,” Phillips and Tilton said. “Recent US rhetoric on the virus and trade deal has been met mainly with rhetoric in return, rather than discrete policy actions.”

Investors also eyed the latest set of new economic data on Thursday, which was still historically weak but pointed to some improvement off last month’s lows. Initial jobless claims rose by another 2.123 million last week, while continuing unemployment claims posted their first decline of the pandemic era to 21.05 million.

Initial claims “appear set to fall more quickly this week than last, perhaps because businesses anticipating reopenings are hesitating before letting go more staff,” said Ian Shepherdson, chief economist for Pantheon Macroeconomics.

12:54 p.m. ET: Stocks hold lower ahead of Trump press conference on China

Here were the main moves in markets, as of 12:54 p.m. ET:

  • S&P 500 (^GSPC): -24.06 points (-0.79%) to 3,005.67
  • Dow (^DJI): -296.37 points (-1.17%) to 25,104.27
  • Nasdaq (^IXIC): -19.04 points (-0.2%) to 9,349.99
  • Crude (CL=F): -$0.37 (-1.10%) to $33.34 a barrel
  • Gold (GC=F): +$22.70 (+1.31%) to $1,751.00 per ounce
  • 10-year Treasury (^TNX): -4.6 bps to yield 0.659%

11:30 a.m. ET: Powell says Fed’s Main Street Lending Facility to begin loans in a few days

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Federal Reserve Chair Jerome Powell said on Friday that the central bank was closing in on making its first loans as part of its Main Street lending facility, which was first announced in March as a means of helping boost liquidity to companies amid the coronavirus pandemic.” data-reactid=”39″>Federal Reserve Chair Jerome Powell said on Friday that the central bank was closing in on making its first loans as part of its Main Street lending facility, which was first announced in March as a means of helping boost liquidity to companies amid the coronavirus pandemic.

“We’re days away” from issuing the first loans under the program, Powell said during a virtual appearance with Princeton economist Alan Blinder.

10:00 a.m. ET: Consumer sentiment stabilizes: U. Michigan

Consumer sentiment ticked up just slightly in May from April, according to the University of Michigan’s closely watched Surveys of Consumers.

The headline consumer sentiment index rose to 72.3 in the final print on the May survey, from 71.8 in April. This was down sharply from May 2019’s reading of 100.0.

A subindex tracking consumers’ assessments of current conditions improved more notably to 82.3 from 74.3. However, a subindex tracking consumer expectations fell further to 65.9 from 70.1.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”“Consumer sentiment has remained largely unchanged during the past two months, with the final May estimate just a half index point above the April reading,” Richard Curtin, Surveys of Consumers chief economist, said in a statement.” data-reactid=”54″>“Consumer sentiment has remained largely unchanged during the past two months, with the final May estimate just a half index point above the April reading,” Richard Curtin, Surveys of Consumers chief economist, said in a statement.

“The CARES relief checks and higher unemployment payments have helped to stem economic hardship, but those programs have not acted to stimulate discretionary spending due to uncertainty about the future course of the pandemic,” he added. “It should not be surprising that a growing number of consumers expected the economy to improve from its recent standstill, or that the majority still thought conditions in the economy would remain unfavorable in the year ahead.”

9:31 a.m. ET: Stocks open mostly lower

Here were the main moves in markets as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -9.76 points (-0.32%) to 3,019.97
  • Dow (^DJI): -145.68 points (-0.57%) to 25,254.96
  • Nasdaq (^IXIC): +3.5 points (+0.04%) to 9,373.67
  • Crude (CL=F): -$0.51 (-1.51%) to $33.20 a barrel
  • Gold (GC=F): +$12.30 (+0.71%) to $1,740.60 per ounce
  • 10-year Treasury (^TNX): -3.6 bps to yield 0.669%

8:33 a.m. ET: Personal savings rate jumps by a record in April

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”The U.S. personal savings rate surged by a record 33% in April, as consumers held off on making purchases and drove consumption down at a record pace for the month, according to the Bureau of Economic Analysis.” data-reactid=”76″>The U.S. personal savings rate surged by a record 33% in April, as consumers held off on making purchases and drove consumption down at a record pace for the month, according to the Bureau of Economic Analysis.

In March, the personal savings rate, which measures savings as a percentage of disposable personal income, rose 12.7%.

8:31 a.m. ET: Personal income unexpectedly rises in April, but spending falls by a record

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Personal income unexpectedly jumped 10.5% in April, the Bureau of Economic Analysis (BEA) said Friday in its monthly report. Consensus economists had expected a 5.9% drop in personal income for the month, according to Bloomberg data, following a 2.2% drop in income in March.” data-reactid=”80″>Personal income unexpectedly jumped 10.5% in April, the Bureau of Economic Analysis (BEA) said Friday in its monthly report. Consensus economists had expected a 5.9% drop in personal income for the month, according to Bloomberg data, following a 2.2% drop in income in March.

“The increase in personal income in April primarily reflected an increase in government social benefits to persons as payments were made to individuals from federal economic recovery programs in response to the COVID-19 pandemic,” the BEA said in a statement.

Personal spending, however, extended March’s slide. Spending fell 13.6% in April, or worse than the 12.8% decline expected, following the prior month’s 5.9% decline. April’s decline marked a record in Commerce Department data going back to 1959.

Core personal consumption expenditures – which serve as the Federal Reserve’s preferred gauge of underlying inflation trends and strips out volatile categories including food and energy – rose just 1.0% in April over last year, versus the 1.1% gain expected. Core PCE rose 1.7% in March.

7:15 a.m. ET Friday: Stock futures fall as investors monitor U.S.-China tensions

Here were the main moves in markets, as of 7:15 a.m. ET:

  • S&P 500 futures (ES=F): 3,031.25, down 6.75 points (-0.22%)
  • Dow futures (YM=F): 25,370.00, down 87 points (-0.34%)
  • Nasdaq futures (NQ=F): 9,441.75, down 18.5 points (-0.2%)
  • Crude (CL=F): -$0.99 (-2.94%) to $32.72 a barrel
  • Gold (GC=F): +$13.40 (+0.78%) to $1,741.70 per ounce
  • 10-year Treasury (^TNX): -3.6 bps to yield 0.669%

7:10 a.m. ET: Trump assails Twitter for ‘lies & propaganda’

President Donald Trump posted an attack of Twitter in a tweet Friday morning, adding to criticisms of the platform after earlier this week having several of his Twitter posts on mail-in voting designated with a fact-checking label.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”“This does not make us an ‘arbiter of truth,’” Twitter CEO Jack Dorsey said earlier of the decision. “Our intention is to connect the dots of conflicting statements and show the information in dispute so people can judge for themselves. More transparency from us is critical so folks can clearly see the why behind our actions.”” data-reactid=”101″>“This does not make us an ‘arbiter of truth,’” Twitter CEO Jack Dorsey said earlier of the decision. “Our intention is to connect the dots of conflicting statements and show the information in dispute so people can judge for themselves. More transparency from us is critical so folks can clearly see the why behind our actions.”

6:05 p.m. ET Thursday: Stock futures tick down at the open

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:02 p.m. ET:

  • S&P 500 futures (ES=F): 3,034.50, down 3.5 points (-0.12%)
  • Dow futures (YM=F): 25,430.00, down 27 points (-0.11%)
  • Nasdaq futures (NQ=F): 9,450.00, down 10.25 points (-0.11%)
The New York Stock Exchange (NYSE) is pictures on May 26, 2020 at Wall Street in New York City. - Wall Street stocks surged early Tuesday on optimism about coronavirus vaccines as the New York Stock Exchange resumed physical floor trading for the first time since late March. About 30 minutes into trading, the Dow Jones Industrial Average was up 2.4 percent at 25,038.94.The broad-based S&P 500 gained 1.7 percent to 3,007.76, while the tech-rich Nasdaq Composite Index advanced 1.2 percent to 9,434.99. Analysts pointed to announcements by a number of companies pursuing vaccines for coronavirus, including Merck, which said it would acquire privately-held vaccine company Themis and disclosed new research ventures with other companies. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

The New York Stock Exchange (NYSE) is pictures on May 26, 2020 at Wall Street in New York City. - Wall Street stocks surged early Tuesday on optimism about coronavirus vaccines as the New York Stock Exchange resumed physical floor trading for the first time since late March. About 30 minutes into trading, the Dow Jones Industrial Average was up 2.4 percent at 25,038.94.The broad-based S&P 500 gained 1.7 percent to 3,007.76, while the tech-rich Nasdaq Composite Index advanced 1.2 percent to 9,434.99. Analysts pointed to announcements by a number of companies pursuing vaccines for coronavirus, including Merck, which said it would acquire privately-held vaccine company Themis and disclosed new research ventures with other companies. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

The New York Stock Exchange (NYSE) is pictures on May 26, 2020 at Wall Street in New York City. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

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