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FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Stock futures are little changed as traders await Friday's jobs report: Live updates
▼ + stars: | 2023-10-05 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. U.S. stock futures were little changed on Thursday night as traders awaited Friday's jobs report. S&P 500 futures and Nasdaq 100 futures dipped 0.07% and 0.04%, respectively. Those moves come as investors awaited the September jobs report. Many market participants are hoping a somewhat softer jobs report will break the fever in bond yields, which have risen sharply and weighed on equities.

Persons: Dow, Dow Jones Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Investors, Treasury Locations: New York City, U.S

☆ Nasdaq leads Wall St rebound after weaker-than-expected data
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data. The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

Persons: Oliver Pursche, Brendan McDermid, decliners, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: Companies, ADP, Dow, Nasdaq, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, New York Stock Exchange, REUTERS, Dow Jones, Ford, NYSE, Thomson Locations: Westport , Connecticut, New York City, U.S, New York, Bengaluru

☆ Wall St ends up after recent weakness; consumer discretionary gains
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Consumer discretionary (.SPLRCD) led S&P 500 sectors higher, followed by technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support. According to preliminary data, the S&P 500 (.SPX) gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite (.IXIC) gained 172.95 points, or 1.32%, to 13,236.01.

Persons: Brendan McDermid, Oliver Pursche, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, ADP, Major U.S, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, Nasdaq, Dow Jones, Ford, Thomson Locations: New York City, U.S, Major, Westport , Connecticut, New York, Bengaluru

☆ Disney to offer discounts on children's tickets at theme parks
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsOct 4 (Reuters) - Walt Disney (DIS.N) said on Wednesday it will offer discounts on ticket prices for children at its theme parks for a limited period as it looks to boost traffic. Disney CEO Bob Iger said in August during the third-quarter earnings conference call that the California-based company had seen "softer performance" at Walt Disney World, a part of its parks business, in Orlando. Although, Iger described the parks as "a tremendous business" and said Walt Disney World was still performing well above pre-pandemic levels. The company last month said it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Walt Disney World will also introduce a package offer on Nov. 14 for families with discounted children's tickets for theme parks and dining plans, which can be used from March 3 through June 30 next year.

Persons: Brendan McDermid, Walt Disney, Bob Iger, Iger, Walt, Akash Sriram, Samrhitha, Shinjini Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Disney, Walt Disney, Thomson Locations: New York, U.S, COVID, California, Orlando, Bengaluru

Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." The yield on 10-year Treasury notes touched 4.884%, a fresh 16-year high, while 30-year Treasury yields rose above 5% for the first time since August 2007. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAustralian, Canadian and British government bond yields have also surged this week. Gold prices crept lower for the eighth consecutive session as elevated Treasury yields amid expectations that the Fed will keep rates higher for longer weighed on investor sentiment.

Persons: Kim Rupert, Rupert, Rhys Williams, Brendan McDermid, Kit Juckes, Brent, Herbert Lash, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Will Dunham, Mark Potter Organizations: Treasury, ADP, Management, Institute for Supply Management, Federal Reserve, Dow Jones, Nasdaq, Bank of Japan, New York Stock Exchange, REUTERS, Rights Australian, U.S ., Thomson Locations: San Francisco, Bryn Mawr , Pennsylvania, U.S, New York City, Asia, Pacific, Japan, Tokyo, Russia, London, Sydney

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. While the 30-year Treasury yield crossed above 5% for the first time since August 2007, the 10-year and five-year yields hit their highest since 2007. The CBOE volatility index (.VIX), Wall Street's "fear gauge", briefly hit a five-month high and topped its long-term average of 20. A day after U.S. job openings unexpectedly rose in August, investors will closely monitor September ADP National Employment data at 8:15 a.m. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Kevin McCarthy, Mark Haefele, Haefele, Austan Goolsbee, Michelle Bowman, Eli Lilly, LLY.N, Mike Mason, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Apple, U.S . House Republicans, Treasury, Microsoft, Nvidia, Dow e, Nasdaq, Federal, UBS Global Wealth, Institute, Supply, PMI, Chicago, Traders, Dow, Intel, Thomson Locations: New York City, U.S, Bengaluru

The ADP National Employment report showed private payrolls rose 89,000 in September, much lower than the expected 153,000. Focus now shifts to the more comprehensive non-farm payrolls data due on Friday. Separate data showed the U.S. services sector slowed in September as new orders fell to a nine-month low. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 19 new lows, while the Nasdaq recorded 4 new highs and 162 new lows.

Persons: Brendan McDermid, Thomas Hayes, Kevin McCarthy, Helen of Troy, Rollins, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Nasdaq, Treasury, Microsoft, Nvidia, Great, Capital LLC, Dow, Traders, Wednesday, Dow Jones, U.S . House, Point Capital Management, NYSE, Thomson Locations: New York City, U.S, HELE.O, Point, Bengaluru

☆ Why Wall Street investors are freaking out
▼ + stars: | 2023-10-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s why investors are freaking out:Rates and the Fed: A surge in corporate debt sales and rising bond yields have sent stocks lower. Moody’s, the only major credit rating firm to keep a perfect score for the United States, has warned that a government shutdown would be “credit negative” for the United States. Geopolitical risks are still elevated as Russia’s war on Ukraine continues and relations between the United States and China remain tense. October also marks the end of the fiscal year for many mutual funds in the United States. Statistical evidence doesn’t quite support the phenomenon, but the level of superstitious caution on Wall Street is real.

Persons: Kevin McCarthy, ”, Michael Reinking, Mark Twain, ” Sam Bankman, Sam Bankman, Allison Morrow, Judge Lewis Kaplan, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, Chris Isidore, Vanessa Yurkevich Organizations: CNN Business, Bell, New York CNN, Dow, Federal Reserve, Fed, Markets, Republicans, “, Prosecutors, GM, Ford, Motors, United Auto Workers, Michigan Assembly, Jeep, Dodge, Chrysler, UAW Locations: New York, America’s Congress, United States, Ukraine, China, Manhattan, Fairfax, Kansas City , Kansas, Toledo, Lockport, Michigan, Wayne , Michigan, Kokomo , Indiana

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A near-miss on a debt ceiling showdown in the Spring led to the loss of another Triple-A sovereign credit rating. A fiscal adjustment akin to the one enacted in 1993 would be enough to do that again over 5 years. "However, this looks unlikely anytime soon given congressional gridlock, a lack of political attention to deficit reduction and the upcoming 2024 election," it concluded. On current poll readings at least, next year's election will do nothing to end the fiscal war.

Persons: Brendan McDermid, it's, Donald Trump, Democrat Joe Biden, Erik Nielsen, what's, Stephen Jen, Jen, Trump, Biden, Goldman Sachs, Goldman, William Maclean Organizations: New York Stock Exchange, REUTERS, U.S, Presidential, AAA, Democrat, Biden, Trump, Congress, Ukraine, Treasury, Republican, Reuters, GRIDLOCK, Thomson Locations: New York City, U.S, loggerheads, Russia, Ukraine, United States

☆ S&P 500 ends at lowest since June 1 as data fuels rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Dow turned negative for the year for the first time since June and ended at its lowest level since May 31. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The S&P 500 posted one new 52-week high and 63 new lows; the Nasdaq Composite recorded 15 new highs and 439 new lows.

Persons: Dow, Rick Meckler, Brendan McDermid, Raphael Bostic, Loretta Mester, advancers, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: Microsoft, Dow, Nasdaq, Federal, Investors, Cherry Lane Investments, New York Stock Exchange, REUTERS, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, NYSE, Thomson Locations: New Vernon , New Jersey, New York City, U.S, Bengaluru

☆ Spotify Premium to include free access to audiobooks in UK, Australia
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 3 (Reuters) - Spotify (SPOT.N) said on Tuesday that users of its premium services in the UK and Australia would now have 15 hours of free access to audiobooks a month, with the feature expanding to the United States later this year. The music streaming giant is looking to supplement its earnings with other revenue-generating formats such as podcasts and audiobooks. The launch of its audiobook service in the United States last year challenged Amazon's Audible. Spotify last year laid out plans to get one billion users by 2030 and reach $100 billion in annual revenue. In July, Spotify raised prices for its premium plans across several countries including the United States and the UK.

Persons: Brendan McDermid, Samrhitha, Shinjini Ganguli Organizations: New York Stock Exchange, REUTERS, Spotify Locations: New York, U.S, Australia, United States, Bengaluru

☆ Indexes ended sharply lower as data adds to rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Cleveland Fed President Loretta Mester said she is open to raising rates again, potentially at the bank's next meeting. While the Dow is down slightly for the year so far, the Nasdaq remains up sharply since Dec. 31 after a rally driven by enthusiasm over artificial intelligence.

Persons: Brendan McDermid, Rick Meckler, Raphael Bostic, Loretta Mester, Dow, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Major U.S, Federal, Investors, Cherry Lane Investments, Nasdaq, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, Thomson Locations: New York City, U.S, Major, New Vernon , New Jersey, Bengaluru

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. The dollar fell 0.71% to 149.165 yen hovered near break-even against the euro . The yen is a particular casualty of the dollar's march to 10-month highs and the rise in Treasury yields, given a yawning gap between U.S. and Japanese interest rates. Gold prices languished near a seven-month low, weighed down by a robust dollar and elevated bond yields as the likelihood of U.S. rates staying higher for longer dominated sentiment.

Persons: Brendan McDermid, Michael Brown, Ronald Temple, Raphael Bostic, Bostic, Shunichi Suzuki, Suzuki, Brent, Ankur Banerjee, Jamie Freed, Susan Fenton, Jan Harvey, Deepa Babington, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Global, Federal Reserve, Trader, Labor, Survey, Lazard, U.S, Dow Jones, Nasdaq, Atlanta Fed, Thomson Locations: New York City, U.S, London, New York, Japan, Singapore

☆ Indexes fall at least 1% as data adds to rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by more than 2% declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Cleveland Fed President Loretta Mester said she is open to raising rates again, potentially at the bank's next meeting. The S&P 500 posted one new 52-week high and 62 new lows; the Nasdaq Composite recorded 13 new highs and 390 new lows.

Persons: Brendan McDermid, Rick Meckler, Raphael Bostic, Loretta Mester, Dow, advancers, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Dow, Nasdaq, Major U.S, Federal, Data, Investors, Cherry Lane Investments, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, NYSE, Thomson Locations: New York City, U.S, Major, New Vernon , New Jersey, Bengaluru

☆ United Airlines to announce order for 110 Airbus, Boeing jets -sources
▼ + stars: | 2023-10-03 | by ( Valerie Insinna | ) www.reuters.com time to read: +2 min

A United Airlines Airbus A319-100 jet takes off from Washington National Airport in Washington, U.S., August 9, 2017. Airbus, Boeing and United declined to comment. Demand has rebounded for long distance widebody jets to meet international travel demand. Weakening pricing power in United's domestic market has sparked concerns about travel demand, reflected in airline share prices. At the time, the order sparked concerns about United Airlines' balance sheet.

Persons: Joshua Roberts, Richard Aboulafia, Jefferies, Aboulafia, Valerie Insinna, Mehr Bedi, Tim Hepher, David Shepardson, Shounak Dasgupta, William Maclean, Bernadette Baum, David Gregorio Our Organizations: United Airlines Airbus, Washington National Airport, REUTERS, Rights, United Airlines, Boeing, Airbus, Reuters, United, Air Canada, Air France, KLM, NYSE, Carriers, Thomson Locations: Washington , U.S, Washington, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. A Labor Department report showed U.S. job openings unexpectedly increased in August, pointing to tight labor market conditions. Traders' bets on at least another 25-basis-point rate hike stood in November and December at 30% and 48%, respectively, according to CME's FedWatch tool. The CBOE volatility index (.VIX), known as Wall Street's "fear gauge", touched a more than four-month high, reflecting heightened investor anxiety. Declining issues outnumbered advancers for a 5.99-to-1 ratio on the NYSE and a 3.50-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Loretta Mester, Raphael Bostic, Jason Pride, KeyBanc, McCormick, advancers, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Dow, Nasdaq, Labor Department, Cleveland Fed, Atlanta, Traders, Apple, Reuters, Ofcom, Dow Jones, ADP, HP, BofA Global Research, Boeing, United Airlines, NYSE, Thomson Locations: New York City, U.S, Glenmede, Philadelphia, Bengaluru

Why are global bond yields rising? With inflation excluding food and energy prices elevated and the U.S. economy resilient, central banks are pushing back against rate cut bets. Many investors were also betting bond yields would drop, so are extra sensitive to moves in the opposite direction, analysts say. That is no surprise, and analysts do not rule out a rise in 10-year Treasury yields to 5%, from 4.7% now . Bond yields determine governments' funding costs, so the longer they stay high, the more they feed into the interest costs countries pay.

Persons: Brendan McDermid, August's, Goldman Sachs, Mahmood Pradhan, Treasuries, Andrea Kiguel, Yoruk, Dhara Ranasinghe, Karin Strohecker, Marc Jones, Amanda Cooper, Ed Osmond Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, August's Fitch, Reuters, Treasury, Deutsche Bank, Amundi Investment, U.S, JPMorgan, Barclays, Yoruk Bahceli, Thomson Locations: New York City, U.S, Germany, Japan, Italy, Europe, Americas, Amsterdam, London

☆ HMD starts making Nokia phones in Europe, launches 5G smartphone
▼ + stars: | 2023-10-03 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Oct 3 (Reuters) - HMD Global, which makes Nokia-branded phones, has become the first major smartphone company to manufacture devices in Europe with its first made-in-Hungary 5G model, aimed at data security-conscious customers, now available for purchase. "We are thrilled to be manufacturing the Nokia XR21, our signature rugged 5G smartphone, in Europe," HMD Global co-founder, chairman and CEO Jean-Francois Baril said on Tuesday. Before HMD opened its Hungarian operations, Europe had no large-scale smartphone manufacturing as major companies like Apple and Samsung make their phones in Asia to keep costs down. HMD signed an exclusive 10-year licensing agreement with Nokia Oyj (NOKIA.HE), once the world's largest phone maker, in 2016 to make Nokia-branded smartphones and tablets. The Nokia XR21 European edition is priced from 649 euros, or 549 pounds, the company said.

Persons: Brendan McDermid, Jean, Francois Baril, HMD, Baril, Paul Sandle, Bernadette Baum Organizations: Nokia Corporation, New York Stock Exchange, REUTERS, Nokia, Apple, Samsung, U.S ., European Union, Thomson Locations: New York City, U.S, Europe, Hungary, Asia, China, Finland

☆ Stock futures are little changed after Dow turns negative for 2023: Live updates
▼ + stars: | 2023-10-03 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are near flat Tuesday night following a tough session that dragged the Dow Jones Industrial Average into negative territory for 2023. S&P 500 futures and Nasdaq 100 futures were also both little changed. The moves follows a losing session on Wall Street after job openings data indicated the labor market is still strong and bond yields marched higher. That indication of continued strength in the labor market concerned investors hoping the Federal Reserve is near the end of its interest rate-hiking cycle. The labor market remains a focus of investors through the end of the week.

Persons: It's, Ross Mayfield, Baird, Dow Jones, Yung, Yu Ma, Kevin McCarthy Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Dow, BMO Wealth Management, Traders Locations: New York City, Washington

☆ Bonds, oil and the dollar: What investors need to know about these 3 headwinds for stocks
▼ + stars: | 2023-10-03 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +11 min

We're talking about this year's rise in bond yields, oil prices and the dollar — all at the time same. Nevertheless, bond yields, oil prices and the dollar always have far-reaching implications for the stock market. "The higher yields, that's what's been pressuring the equity market," Wharton School professor Jeremy Siegel said Monday on CNBC. In early September, the two countries announced their supply cuts would extend through year-end, a surprise decision that added upward pressure on oil prices. The picture is less clear-cut when considering the impact higher oil prices can have on consumers and non-energy companies.

Persons: —, what's, Jeremy Siegel, Brent, WTI, It's, Siegel, Wharton's Siegel, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, U.S, multiweek United Auto Workers, General Motors, Club, Ford, Wharton, CNBC, Federal, Fed, Dow Jones, West, Brent, Natural Resources, Coterra Energy, Consumers, JPMorgan, Procter, Gamble, Apple, New York Stock Exchange, Getty Locations: U.S, Ukraine, West Texas, Saudi Arabia, Russia, tailwind, headwind

☆ Something is breaking in financial markets — Here's what's behind the sell-off
▼ + stars: | 2023-10-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThat cracking sound in financial markets isn't the typical kind of break, where one asset class or another fractures and gives way. "The cost of capital is going up, companies are going to have to refinance at a higher rate." That sentiment was buttressed this week, when at least four central bank officials either endorsed hikes or indicated that higher rates would be staying in place for an extended period. Consumers, for one, are feeling the squeeze of higher rates on everything from mortgages to credit cards to personal loans. "Now, at some point, my guess is that markets will eventually get to cheap enough levels where you'll bring buyers in.

Persons: Brendan McDermid, Quincy Krosby, Krosby, Larry McDonald, Treasurys, McDonald, It's, Joseph LaVorgna, LaVorgna, Donald Trump, I've Organizations: New York Stock Exchange, Federal Reserve, Treasury, LPL, Labor Department, Wall, P Bank ETF, Congressional, Treasury Department, The, White House, National Economic Council, Nikko Securities Locations: New York City, Washington, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Consumer discretionary (.SPLRCD) led declines in the major S&P 500 sectors, falling 2.2%, while beaten-down utilities (.SPLRCU) dropped 1.8%. Declining issues outnumbered advancers by a 4.74-to-1 ratio on the NYSE and by a 3.17-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 48 new lows, while the Nasdaq recorded 11 new highs and 225 new lows. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Eli Lilly, we're, David Russell, Raphael Bostic, Keybanc, McCormick, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Microsoft, Artificial Intelligence, Treasury, Boeing, Reuters, United Airlines, Labor Department, Investor, ADP, Atlanta Fed, Fed, Dow Jones, HP, BofA Global Research, Biopharma, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ S&P 500 ends near flat; focus on outlook for higher rates
▼ + stars: | 2023-10-02 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The U.S. central bank said last month it may hike rates again as it struggles to bring inflation closer to its 2% annual target. According to preliminary data, the S&P 500 (.SPX) gained 0.49 points, or 0.01%, to end at 4,288.54 points, while the Nasdaq Composite (.IXIC) gained 88.45 points, or 0.67%, to 13,307.77. Tesla (TSLA.O) shares were near flat after the electric vehicle maker missed market estimates for third-quarter deliveries. S&P 500 companies report third-quarter results later this month, with analysts expecting earnings to have risen slightly from the year-ago quarter.

Persons: Brendan McDermid, Michelle Bowman, Quincy Krosby, Goldman Sachs, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Nasdaq, Financial, Investors, Energy, Dow Jones, Nvidia, NextEra Energy, Thomson Locations: New York City, U.S, Charlotte , North Carolina, New York, Bengaluru

☆ Ally Financial to lay off nearly 5% of staff
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsOct 2 (Reuters) - Ally Financial (ALLY.N) said on Monday job cuts in various divisions of the digital banking firm will affect nearly 5% of its workforce. "After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce," Ally spokesperson Peter Gilchrist said in an emailed statement. The Detroit-based company offers various financial products and is best known for its auto-loan business. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Ally, Peter Gilchrist, Jaiveer Singh, Saeed Azhar, Shinjini Organizations: Ally Financial, New York Stock Exchange, REUTERS, Ally, Thomson Locations: New York, U.S, Detroit, Bengaluru

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