US close: Markets lower as investors warned on bull market

Josh White WebFG News | 15 Nov, 2017 01:20 | | |

home depot mexico
  • 23,358.24
  • -0.43%-100.12
  • Max: 22,399.33
  • Min: 22,314.68
  • Volume: 0
  • MM 200 : n/a
23:11 17/11/17
  • 2,578.85
  • 0.55%14.23
  • Max: 2,583.96
  • Min: 2,577.62
  • Volume: 0
  • MM 200 : n/a
21:26 17/11/17
  • 6,314.51
  • -0.39%-24.63
  • Max: 6,345.56
  • Min: 6,308.48
  • Volume: 0
  • MM 200 : n/a
23:26 17/11/17

Stocks again saw losses on Tuesday as some of Wall Street's most veteran investors sounded a cautious note on the outlook for the current bull market equities.

The Dow Jones Industrial Average finished down 0.13%, the S&P 500 lost 0.23% to 2,578.87 and the Nasdaq 100 settled 0.36% lower at 6,293.64.

"Icarus is flying ever closer to the sun," Bank of America-Merrill Lynch's chief investment strategist said, pointing to signs of “irrational exuberance” among investors in the investment bank's latest global survey of fund managers.

“Investors' risk-taking has hit an all-time high,” noted Merrill’s Michael Hartnett.

“A record high percentage of investors say equities are overvalued yet cash levels are simultaneously falling, an indicator of irrational exuberance.”

According to the latest FMS average cash balances fell from 4.7% in October to 4.4% in November - their lowest level since October 2013 - as asset managers chased markets higher.

Tuesday also marked the last day of US President Donald's Trump's trip to Asia with investors watching out for any developments over the future of a tax reform deal too.

Still on the economic front, the rate of advance in US factory gate prices accelerated from 2.6% in September to 2.8% for November, against a consensus estimate for 2.5%.

Meanwhile, the NFIB's small business confidence gauge edged up from 103.0 for September to 103.8 last month, ahead consensus expectations for 104.0.

Chicago Fed President Charles Evans said earlier at the ECB conference in Frankfurt that a new approach to interest-rate setting may be needed to deal with new shocks.

Speaking later in the day at an economic breakfast Kentucky, St. Louis Fed President James Bullard said policy rates were just fine where they were, adding that inflation data year-to-date called into question whether consumer prices were "reliably returning to target".

In corporate news, Home Depot shares finished 1.4% higher after its quarterly same-store sales beat analysts' expectations, while shares of Buffalo Wild Wings rocketed 23.97% on the back of a report in the Wall Street Journal that a private equity firm had bid more than $2.3bn for the restaurant chain.

Going the other way, TJX Companies lost 3.88% after it reported worse than expected sales for the three months to September.

General Electric was also in focus, with shares in the industrial conglomerate changing hands 5.91% lower as analysts at RBC gave a 'thumbs-down' to the company's turnaround plans unveiled during the previous session.

Dow Jones - Risers

Home Depot Inc. (HD) $168.05 1.64%
Coca-Cola Co. (KO) $47.43 1.52%
United Technologies Corp. (UTX) $118.80 1.48%
Caterpillar Inc. (CAT) $137.54 0.74%
Visa Inc. (V) $111.95 0.52%
3M Co. (MMM) $229.33 0.49%
McDonald's Corp. (MCD) $168.15 0.44%
Travelers Company Inc. (TRV) $133.87 0.41%
International Business Machines Corp. (IBM) $148.89 0.33%
Cisco Systems Inc. (CSCO) $34.04 0.27%

Dow Jones - Fallers

General Electric Co. (GE) $17.90 -5.89%
Dowdupont Inc. (DWDP) $68.55 -2.68%
Apple Inc. (AAPL) $171.34 -1.51%
Walt Disney Co. (DIS) $103.18 -1.50%
Goldman Sachs Group Inc. (GS) $237.25 -1.26%
Verizon Communications Inc. (VZ) $44.22 -1.18%
Exxon Mobil Corp. (XOM) $82.24 -0.78%
JP Morgan Chase & Co. (JPM) $97.24 -0.60%
Unitedhealth Group Inc. (UNH) $211.71 -0.45%
Chevron Corp. (CVX) $116.92 -0.26%

S&P 500 - Risers

Advance Auto Parts (AAP) $95.72 16.33%
Mattel Inc. (MAT) $18.54 5.10%
Endo International Plc (ENDP) $6.99 4.48%
Juniper Networks Inc. (JNPR) $26.43 4.22%
Signet Jewelers Ltd (SIG) $72.46 4.20%
Western Digital Corp. (WDC) $91.58 3.55%
ConAgra Brands Inc (CAG) $35.87 2.93%
Bed Bath & Beyond Inc. (BBBY) $20.22 2.54%
Kohls Corp. (KSS) $42.16 2.48%
FirstEnergy Corp. (FE) $35.05 2.46%

S&P 500 - Fallers

Frontier Communications Co. (FTR) $6.46 -7.18%
Newfield Exploration Co (NFX) $29.80 -7.07%
Range Resources Corp. (RRC) $17.36 -6.62%
EQT Corp. (EQT) $60.60 -6.16%
CenturyLink Inc. (CTL) $14.40 -6.07%
General Electric Co. (GE) $17.90 -5.89%
Chesapeake Energy Corp. (CHK) $3.94 -5.06%
Diamond Offshore Drilling Inc. (DO) $15.79 -4.99%
CF Industries Holdings Inc. (CF) $35.52 -4.95%
Transocean Ltd. (RIG) $10.72 -4.72%

Nasdaq 100 - Risers

Vodafone Group Plc ADS (VOD) $30.48 5.65%
Western Digital Corp. (WDC) $91.58 3.55%
Marriott International - Class A (MAR) $123.06 2.22%
Expedia Inc. (EXPE) $122.09 1.50%
Liberty Global Plc Lilac Class C (LILAK) $22.06 1.29%
Liberty Interactive Corporation QVC Group (QVCA) $23.73 1.28%
Cintas Corp. (CTAS) $149.20 1.26%
Fiserv Inc. (FISV) $129.73 1.23%
Idexx Laboratories Inc. (IDXX) $149.54 1.18%
Mondelez International Inc. (MDLZ) $42.53 1.14%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $38.90 -5.90%
Discovery Communications Inc. Class A (DISCA) $16.28 -4.18%
Discovery Communications Inc. Class C (DISCK) $15.27 -4.14%
Alexion Pharmaceuticals Inc. (ALXN) $109.98 -3.06%
Sirius XM Holdings Inc (SIRI) $5.35 -2.73%
Ctrip.Com International Ltd. Ads (CTRP) $45.30 -2.54%
Hologic Inc. (HOLX) $39.62 -2.51%
Gilead Sciences Inc. (GILD) $71.15 -2.33%
Celgene Corp. (CELG) $98.86 -2.27%
Regeneron Pharmaceuticals Inc. (REGN) $384.80 -2.24%

More news

19 Nov US close: Stocks end week on a soft note, White House in focus

Wall Street went into the weekend before Thanksgiving Day slightly lower, with analysts continuing to mull developments regarding Russia's alleged involvement in the US presidential election.

19 Nov Week ahead: Spotlight on Hammond

In the UK, the focus will be on the Chancellor's Budget on Wednesday, with fresh data on public sector net borrowing on Tuesday possibly helping to set the tone for his announcements.

19 Nov Sunday share tips: Merlin Entertainments, Amryt Pharma

Stock in Merlin Entertainments is best avoided, The Sunday Times's John Collingridge says, pointing to the increasing headwinds the company is facing in the UK which will be compounded by the outfit's strategy of focusing on growth overseas.

19 Nov Sunday newspaper round-up: Zimbabwe, Budget, Merkel

It felt like a revolution. They came from all over the country and all walks of life. Young and old, opposition activists and party apparatchiks, white farmers and black war veterans, housewives and their maids. For years many of them had been on opposing sides, but yesterday they had one common objective. "Mugabe must go!" read the banners as thousands of Zimbabweans filled the streets of Harare draped in their red, yellow, green and black flag, playing music, dancing and hugging strangers. - The Sunday Times

17 Nov Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

17 Nov Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

17 Nov London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

17 Nov Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

17 Nov NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

17 Nov Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.