MARKET SNAPSHOT
U.S. stocks finished higher, powered by tech. Treasury yields rose on data showing labor market strength. The dollar was higher. Oil posted gains amid an escalation in the Ukraine-Russia conflict. Gold futures rose for a fourth-consecutive session.
MARKET WRAPS
EQUITIES
U.S. stocks ended higher, with the Dow industrials up more than 460 points, powered by gains at Salesforce and International Business Machines.
The Dow Jones Industrial Average was up 1.1%, trailed by the S&P 500, which rose 0.5%. The Nasdaq Composite ticked up less than 0.1%.
Nvidia shares were up 0.5%. The chip maker reported blockbuster results and an upbeat outlook on Wednesday, but the report failed to meet some investors' sky-high expectations. Meanwhile, Snowflake shares soared 33% after the data-cloud company reported higher-than-expected revenue.
Earlier Thursday, Chinese shares ended mixed amid subdued sentiment. Software and financial stocks led the gains.
The benchmark Shanghai Composite Index and the Shenzhen Composite Index each edged 0.1% higher while the ChiNext Price Index edged 0.1% lower. Hong Kong shares ended lower, with the Hang Seng Index declining 0.5% as tech companies led the declines.
Japan's Nikkei Stock Average fell 0.85%, dragged by worries of an escalating conflict between Russia and Ukraine.
Stocks in Australia ended flat. The blue-chip S&P/ASX 20 Index, which includes the country's major banks and iron-ore miners, held steady at 4,678.60.
New Zealand's NZX-50 closed 0.2% higher amid strength in software and financial stocks. The two largest gainers were both software providers.
COMMODITIES
Oil futures climbed, with U.S. and global benchmark crude settling at their highest levels in nearly two weeks, as traders monitored reports from Ukraine claiming Russia had launched an intercontinental ballistic missile.
West Texas Intermediate crude for January delivery was up 2% to settle at $70.10 a barrel. January Brent crude, the global benchmark, rose 2% to $74.23 a barrel.
Although there has not been any disruption in oil supply, increased fears of a potential disturbance caused by the Russia-Ukraine conflict have affected the oil market "in short bursts like today, but they haven't lasted," said Colin Cieszysnki, portfolio manager and chief market strategist at SIA Wealth Management.
The Russia-Ukraine conflict also sent front-month November gold higher, with the most-active front-month gold futures settling up 0.9% to $2,672.10 an ounce.
"Gold has been up for four days in a row with the shiny metal seeing safe haven flows on the back of Russian President Putin's threats to go nuclear," said Robert Yawger of Mizuho Securities USA. "Safe haven inflows to gold have stymied the reverse correlation to the dollar."
TODAY'S TOP HEADLINES
Gary Gensler to step down as SEC chair, in a move that has crypto bulls 'glad'
Crypto bulls have been cheering after U.S. Securities and Exchange Commission Chair Gary Gensler announced he will leave his post on Jan. 20, exiting the Wall Street watchdog as President-elect Donald Trump is inaugurated.
Gensler's term runs to 2026, though it's customary for federal agency leaders to depart when a new administration comes in.
Trump had said he would oust Gensler - who has a reputation as a cryptocurrency skeptic - on "day one" of his term.
Fed's Goolsbee Sees 'Critical Moment' for Monetary Policy. Here's Where He Sees Interest Rates Going.
Federal Reserve Bank of Chicago President Austan Goolsbee called this a "critical moment" for monetary policy on Thursday, with the U.S. economy at a transition point as the year comes to a close.
The distortions of the Covid-19 pandemic and subsequent economic rebound are fading and it's time to land the plane. For Goolsbee, that means further interest-rate cuts-but potentially at a slower pace than the Fed has done this fall.
"I always say that the hardest thing a central bank has to do is get the timing right at moments of transition in the economy," Goolsbee said in prepared remarks for an event at the Central Indiana Corporate Partnership in Indianapolis, Ind., on Thursday.
Home Sales Rose in October Following Decline in Mortgage Rates
Sales of existing homes rose in October, reflecting a short-lived drop in mortgage rates that improved affordability for buyers and produced the first year-over-year gain in sales in more than three years.
The average rate for a 30-year fixed mortgage slid throughout the summer and reached a two-year low in late September, according to Freddie Mac.
Lower rates lured some home buyers off the sidelines and sparked some hope among real-estate agents that a boost in activity during the fall could salvage another slow year for sales activity.
Gap Raises Full-Year Outlook With Strong Start to Holiday Season
Gap raised its sales outlook for the year after reporting market share growth across its brands in the third quarter, and noted that the fourth quarter is off to a strong start.
The apparel retailer on Thursday said it now expects full-year sales to grow between 1.5% and 2%. The San-Francisco-based company had most recently guided for sales to be up slightly, citing a fluid economic environment and consumer dynamics.
"Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential," CEO Richard Dickson said.
Intuit Maintains Full Year Guidance, CEO Doubts Trump Administration Will Build Tax-Filing App
Intuit Chief Executive Sasan Goodarzi doesn't expect President-elect Donald Trump's incoming administration to build a free tax-filing app that would interfere with its business.
The company also reiterated its fiscal-year guidance as it reported first-quarter earnings Thursday.
"They don't want to add to the bureaucracy and they don't want to add investments to create something...that already exists," said Goodarzi, who added that he doesn't speak on the administration's behalf.
Building-Materials Provider Quikrete in Advanced Talks to Buy Summit
Building-materials provider Quikrete is in advanced talks to acquire Summit Materials, according to people familiar with the matter.
A deal between closely held Quikrete and Summit could be announced early next week, the people said, assuming the talks don't fall apart.
Expected Major Events for Friday
00:00/SIN: 3Q GDP
00:00/SIN: 3Q Balance of Payments
00:30/JPN: Nov Japan Flash Manufacturing PMI
04:00/MAL: Oct CPI
05:00/JPN: Oct Supermarket sales
07:00/MAL: Nov International Reserves, middle of month
07:30/THA: Weekly International Reserves
08:00/TAI: Oct Employment / Unemployment
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
November 21, 2024 16:45 ET (21:45 GMT)
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