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Dow closes 266 points lower, halts string of gains as Nasdaq ekes out 3rd straight rise and Treasurys log steepest yield slide in 3 months

The Dow and S&P 500 closed lower Wednesday, ending a string of gains for the equity benchmarks that have been mostly rising to all-time highs on the back of upbeat quarterly results from American corporations. The Dow Jones Industrial Average closed down 266 points, or 0.7%, at about 35,491, the S&P 500 index closed 0.5% lower at 4,552. The Nasdaq Composite Index finished the session nearly unchanged at 15,236, as a retreat in yields for the 10-year Treasury note and the 30-year Treasury bond hit lows not seen since July 19, according to Dow Jones Market Data. Lower yields can buoy yield-sensitive sectors like information technology and investment factors like growth. In corporate results, Microsoft Corp. reported quarterly earnings that shot over $20 billion for the first time, late Tuesday, which helped to limit declines in the broader market and supported the tech sector on Wednesday. Microsoft shares rose 4.2% to $323.17, notching a record close, according to Dow Jones Market Data. Meanwhile, in a surprise move Wednesday, the Bank of Canada said it would abruptly end its bond-buying program and warned of prolonged inflation through 2023, while also signaling it may hike interest rates sooner than expected, the second quarter of 2022.

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Exxon Mobil raises dividend by a penny, to boost the implied yield to nearly 5.5%

Exxon Mobil Corp. said Wednesday it will raise its quarterly dividend by a penny, to 88 cents a share from 87 cents. The new dividend will be payable Dec. 10 to shareholders of record on Nov. 12. The stock slumped 2.5% in afternoon trading, amid a broad slump in energy stocks as crude oil futures shed 2.3%. Based on current stock prices, Exxon Mobil's new annual dividend rate implies a dividend yield of 5.48%, which compares with the yield for the SPDR Energy Select Sector ETF of 3.75% and the implied yield for the S&P 500 of 1.32%. Exxon Mobil's new implied yield would make it the eighth-highest yielding stock in the S&P 500. There had been some question as to whether Exxon Mobil would raise its dividend or not this year, with Chief Executive Darren Woods assuring investors in July that the oil giant feels a "very strong commitment" toward a reliable and growing dividend.

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Market Extra: Bond tradersa mood turns sour as yield curves flatten all over the world

Spencer Platt/Getty ImagesThe bond marketas mood turned downcast on Wednesday as traders questioned the U.S. economyas ability to handle a potential rise in interest rates by the Federal Reserve next year and the Treasury yield curve flattened as a result, while similar moves were seen playing out across the world.The spread between 2- and 10-year U.S. yields narrowed to levels not seen in a month early Wednesday, according to data from Tradeweb, as long-dated yields slipped and shorter ones continued to rise. The counterpart gap between 5- and 30-year yields also narrowed to some of the flattest levels since April 2020. The moves come just a week before the Federal Reserve may announce the tapering of its $120 billion in monthly bond purchases, a prerequisite first step before lifting its policy interest rate possibly next year. Investors are concerned that the U.S. and other developed-market economies wonat be able to handle higher interest rates to counter higher inflation unleashed by the pandemic. Flattening yield curves a in which long-term yields are either falling relative to shorter-term rates, or not climbing as fast a are also being seen in the 5- and 30-year gaps of the U.K., Germany, Italy, France, and Greece, according to Tradewebas data.The pronounced global flattening of yield curves, particularly in the 5s/30s spread, included 15 basis point drops in Australia and Canada today, according toA Scott Ruesterholz, a portfolio manager at New York-based Insight Investment, which manages more than $1 trillion.A On Wednesday, the Bank of Canada took a major step in pulling back on the amount of stimulus it is providing to the economy, by ending its bond-buying program.aAround the world, we are now seeing central bank pricing get pulled forward, with multiple hikes expected for Canada, Australia, and Norway,a Ruesterholz said via phone. aThe market is now comingA to grips with the potential for a global rate-hiking cycle beginning next year, wherebyA you couldA see the pace of tightening increase. But central banks probably donat have to hike as much because youave lost some global momentum a and thatas leading to pretty pronounced flattening of the curve.aIn the U.S., the 2-year yield BX:TMUBMUSD02Y, which is most closely associated with expectations for near-term Fed policy moves, rose above 0.51% on Wednesday, one of the highest levels since March 2020. The 10-year yield BX:TMUBMUSD10Y and the 30-year rate BX:TMUBMUSD30Y are each heading for their largest one-day declines in three months, trading around 1.525% and 1.943% respectively. Flattening yield curves are generally associated with economies losing momentum. Theyare currently being taken as a warning signal that the Fed and other central banks could be tapping on the brakes of an economic recovery at a time when growth might be waning. Flatter curves are also bad for banks which lend at long-term rates but pay interest on short-term ones, and raise the specter of invertingA curves, which can foreshadow a recession.Shares of large banks like Citigroup Inc. C and JPMorgan Chase & Co. JPM were down Wednesday. The Dow industrials DJIA also drifted 0.2% lower after hitting a closing record Tuesday. The S&P 500 Index SPX and tech-heavy Nasdaq Composite Index COMP were higher, by around 0.2% and 0.8% respectively.aThe seeds of flatter yield curves globally have been planteda following a period of peak monetary stimulus globally, with the exception of China, said JackA McIntyre, who helps oversee more than $66 billion at Brandywine Global Investment Management in Philadelphia.A aCentral banks have started the process of withdrawing that stimulus. Some central banks have to remove it faster than others.aBrandywine Global has been buying some developed market bonds, such as German bunds, as well as the government debt of developing markets like China, he said via phone. The firm still has a high degree of confidence in emerging market bonds, where spreads are attractive and centralA banks have already embarked on tightening cycles. He says Brandywine Global doesnat currently own any Treasuries, and expects U.S. yields to move higher, but ais open to the idea that yields are not going to move significantly higher.a

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Arhaus sets IPO terms as profitable home furnishings retailer could be valued at up to $2.4 billion

Arhaus Inc. has set the terms for its initial public offering, in which the profitable Ohio-based premium home furnishings retailer could be valued at up to $2.38 billion. The company could raise up to $219.4 million, as it is offering 12.9 million Class A shares in the IPO, which is expected to price between $14 and $17 a share. Selling shareholders are offering 10.0 million shares in the IPO, as they look to raise up to $170.0 million. The company expects to have a total of 140.06 million shares outstanding after the IPO, including 57.34 million Class A shares and 82.72 million Class B shares. The Class A shares are expected to list on the Nasdaq under the ticker symbol "ARHS." BofA Securities and Jefferies are the lead underwriters. The company recorded net income of $16.2 million on revenue of $355.4 million during the six months ended June 30, after income of $10.7 million on revenue of $224.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 10.7% over the past three months while the S&P 500 has gained 4.0%.

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: Inflation is turning into a headwind for these five publicly traded companies, analysis shows

Glyn Kirk/Agence France-Presse/Getty ImagesSophisticated algorithms, based on 25 macro-economic drivers used to calculate appropriate fair values for asset prices, have identified the top five publicly traded companies for which inflation is turning into a significant headwind. The companies are Regeneron Pharmaceuticals Inc. REGN; Centerspace CSR; SBA Communications Corp. SBAC; ResMed Inc. RMD; and DexCom Inc. DXCM, according to Colin Stewart, head of Americas for Quant Insight in New York, citing data as of Wednesday.The data incorporates moves in 2- to 10-year U.S. inflation expectations, using inflation swaps, to determine which companies stand the best chance of weathering a period of higher prices, by being able to pass that on to consumers. The five companies seen as getting helped the most by higher inflation acting as a tailwind are Endo International PLC ENDP; Boston Beer Co. SAM; Calavo Growers Inc. CVGW; Discovery Inc. DISCA; and SelectQuote Inc. SLQT, according to Quant Insightas data.Higher inflation tends to provide a positive lift to stocks, until either it compresses profit margins and a company lacks the pricing power to make up for it, or markets expect interest-rate rises to put the brakes on economic growth. Bond markets worldwide are now factoring in the potential for a global rate-hiking cycle beginning next year, as evidenced by the pronounced flattening of curves across countries.aMarkets, we feel, are hampered by the inability to mark to macro,a or trade at levels that accurately reflect the state of the economy, Stewart said by phone. aWe put eyes on this very big blind spot for investors, by calculating all the factors that drive up asset prices across equities, ETFs, rates, commodities and crypto currencies.aA recent explosion of alternative data sources like Quant Insight, based in London and New York, is giving investors access to tools previously reserved for only hedge funds, with traditional money managers scouring the world for information that can give them an edge. Read: The explosion of aalternativea data gives regular investors access to tools previously employed only by hedge fundsQuant Insight serves portfolio managers, traders, insurers and corporations. It was co-founded by former hedge-fund manager Mahmood Noorani and has a team of academic advisors that include astrophysics professor Michael Hobson of the University of Cambridge in the U.K. In March 2020, at the onset of the pandemic in the U.S., the firm predicted the S&P 500 Index SPX would bottom out on the 15th of that month a roughly a week sooner than the index actually did. Quant Insight isnat currently giving a forecast for the S&P 500, saying the index is now trading aout of regime,a or for reasons that are outside of economic fundamentals, Stewart says. On Wednesday, the S&P 500 edged higher along with the Nasdaq Composite Index COMP as investors weighed earnings from tech stocks. Meanwhile, Dow industrials DJIA were under modest pressure in afternoon trade.

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U.S. oil futures fall by more than 2%; natural-gas futures end at more than 3-week high

Oil futures settled with a loss of more than 2% on Wednesday after the Energy Information Administration reported a 4.3 million-barrel weekly climb in U.S. crude inventories and amid news that Iran may soon renew talks with world powers on a nuclear deal. Iran's chief negotiator, Ali Bagheri, said Wednesday that Iran will return to nuclear discussions before the end of November, according to The Wall Street Journal. "If this leads to the eventual withdrawal of U.S. sanctions, Iranian oil exports will rise, ending the threat of a supply shortage that has been partly the reason behind the big oil rally," said Fawad Razaqzada, market analyst at ThinkMarkets, in a market update. West Texas Intermediate crude for December delivery fell $1.99, or nearly 2.4%, to settle at $82.66 a barrel on the New York Mercantile Exchange. Natural-gas prices, meanwhile, rallied, getting a boost from some forecasts for colder weather as the November contracts expired. November natural gas rose 32 cents, or 5.4%, to settle at $6.202 per million British thermal units, the highest in just over three weeks. The new front month December contract added 20 cents, or almost 3.3%, to $6.198 per million Btus.

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Dow transports fall for first time in 10 trading days

The Dow Jones Transportation Average slumped 116 points, or 0.7%, with 16 of 20 components losing ground, to put the index on track for the first decline in 10 trading sessions. The nine-day win streak that is set to snap was the longest since the 11-day stretch of gains that ended on Aug. 12, 2020. The Dow transports' biggest decliner was Ryder System Inc.'s stock , which slumped 5.1%, the biggest one-day drop in eight months, even after the truck rental company beat third-quarter profit and revenue expectations and raised its full-year outlook. The biggest gainer was Norfolk Southern Corp.'s stock , which rose 1.1% after the railroad operator reported better-than-expected third-quarter earnings. The other three Dow transport gainers were shares of other railroad components, those of CSX Corp. , Kansas City Southern and Union Pacific Corp. . While the Dow transports dropped, the Dow Jones Industrial Average fell 72 points, or 0.2%, while the S&P 500 gained 0.2%.

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Long-dated Treasury yields on track for biggest daily drop in over 3 months

Long-dated Treasury yields on Wednesday were experiencing the biggest slide in months, with buying in long-dated bond yields fueled by concerns about the economic outlook, against expectations that the Federal Reserve will commence the reduction of monthly asset purchases, as early as next week, with an eye toward eventually hiking interest rates, which currently stand at a range between 0% and 0.25%. The 10-year Treasury note yield was 8.3 basis points lower at around 1.538% at last check Wednesday, compared with its 3 p.m. Eastern Time levels. The daily slide for the benchmark Treasury rate, used to price everything from mortgages to car loans, would mark the steepest one-day slide since July 19, according to Dow Jones Market Data. Meanwhile, the 30-year Treasury bond rate was at 1.953%, off 9.8 basis points, which would also mark its sharpest yield slide since July 19.

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Financial stocks suffer broad weakness as Treasury yields drop, Capital One's results disappoint investors

Financial stocks took a broad hit Wednesday, as investor disappointment over Capital One Financial Corp.'s third-quarter results and the biggest drop in benchmark Treasury yields in three months acted as drags on the sector. The SPDR Financial Select Sector ETF fell 1.2% in afternoon trading with 57 of 65 equity components trading lower, while the S&P 500 tacked on 0.2%. Capital One's stock tumbled 7.5% to pace the losers even after the financial services company reported third-quarter earnings that rose above expectations, helped by a $770.0 million reserve release. If the reserve release was excluded, the company would have posted a net income decline, and earnings per share would have been reduced by about $1.75. Among other more heavily weighted components of the financial ETF (XLF), shares of Bank of America Corp. shed 1.3%, JPMorgan Chase & Co. gave up 1.9%, Wells Fargo & Co. fell 0.4%, Citigroup Inc. lost 0.7% and Goldman Sachs Group Inc. gave up 1.0%. The yield on the 10-year Treasury note fell 8.4 basis points to 1.535%, the biggest one-day drop in yields since July 19, after data showing a decline in durable goods data. Lower long-term yields can eat into bank profits, as that can lower the spread banks earn as they fund longer assets, such as loans, with shorter term liabilities.

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Gold futures finish higher, but stay below the key $1,800 mark

Gold futures climbed on Wednesday, but finished below the key $1,800 mark for a second straight session. "Gold should stabilize here and might not do much of anything" until after both the monetary policy decision from the European Central Bank on Thursday and the U.S. Federal Reserve on Nov. 3, said Edward Moya, senior market analyst at Oanda. December gold climbed by $5.40, or 0.3%, to settle at $1,798.80 an ounce following a loss of 0.7% on Tuesday.

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Enphase Energy jumps more than 25% after Q3 earnings, microgrid news

Enphase Energy Inc. stock rallied more than 25% on Wednesday, poised for its highest close since Jan. 7 and its largest one-day percent increase since March 2020. The stock was the best performing in the S&P 500 index on Wednesday. The energy management technology company late Tuesday reported third-quarter earnings well above Wall Street expectations, saying it earned an adjusted 60 cents a share on sales of $352 million in the quarter, compared with forecasts for adjusted earnings of 49 cents a share on sales of $345 million. Enphase earlier this week announced a new solar microinverter for its customers in North America, saying the device was capable of forming a microgrid during a power outage using only solar power and providing backup power without a battery.

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Rent the Runway receives warm Wall Street reception, as stock opens 9.5% above IPO price

Rent the Runway Inc. received a warm reception on its Wall Street debut, as the fashion rental company's stock opened 9.5% above the initial public offering price. The Brooklyn-based company said overnight that it raised $357.0 million as its upsized IPO of 17.0 million shares priced at $21 a share, at the top of the expected range. The stock's first trade on the Nasdaq was at $23.00 at 11:52 a.m. Eastern for 1.7 million shares. At that price, the company was valued at about $1.4 billion. The upbeat opening for Rent the Runway's stock comes on a day of relative investor disdain for IPOs, as the Renaissance IPO ETF slumped 1.3% in midday trading while the S&P 500 eased less than 0.1%.

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U.K. pub chains climb after Sunak announces cuts in beer and sparkling wine taxes

U.K. pub operators advanced on Wednesday as Chancellor Rishi Sunak announced an overhaul of alcohol taxation that will cut the levies on rose, sparkling wine, beer and cider. J.D. Wetherspoon climbed 5%, and Mitchells & Butler and Marston's also gained ground.

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EIA reports a weekly climb in U.S. crude supplies, but stocks at a key delivery hub decline

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended Oct. 22. On average, analysts polled by S&P Global Platts expected a 100,000-barrel decline, but the American Petroleum Institute on Tuesday reported a 2.3 million-barrel climb, according to sources. The EIA also reported weekly inventory declines of 2 million barrels for gasoline and 400,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 2.7 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., storage hub fell by 3.9 million barrels for the week. Oil prices continued to trade lower after the EIA data. December West Texas Intermediate crude contract fell 83 cents, or 1%, at $83.82 a barrel on the New York Mercantile Exchange, little changed from $83.81 before the supply data.

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Cortexyme's stock tumbles on failed clinical trial for Alzheimer's drug

Shares of Cortexyme Inc. tumbled 72.7% in trading on Wednesday, the day after the company said a late-stage clinical trial evaluating its experimental Alzheimer's disease treatment failed to meet the study's endpoints. Cortexyme's stock is down 43.3% this year; the S&P 500 is up 21.8%.

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Spotify's stock surges to highest level in more than 3 months after revenue, MAU beats

Shares of Spotify Technology S.A. shot up more than 10% before paring gains to be up 5.8% toward a 3 1/2-month high in morning trading Wednesday, after the Luxembourg-based music streaming service reported better-than-expected revenue, MAUs, free cash flow (FCF) and gross margin, but a wider-than-forecast loss. Revenue rose 26.6% to EUR2.50 billion ($2.91 billion), above the FactSet consensus of EUR2.45 billion, citing "significant strength in advertising," while monthly active users (MAUs) rose 19% to 381 million to beat expectations of 380.2 million, amid double-digit growth in all geographic regions. FCF was EUR99 million, down from EUR103 million a year ago, but above expectations of EUR93.4 million. Gross margin improved to 26.7% from 24.8%, topping the guidance range provided in July of 24.4% to 26.4%. Meanwhile, the company reported a per-share loss that narrowed to EUR0.41 from EUR0.58, but that FactSet loss consensus of EUR0.21. For the fourth quarter, Spotify expects revenue of EUR2.54 billion to EUR2.68 billion, compared with the FactSet consensus of EUR2.58 billion. The stock has rallied 12.6% over the past three months, while the S&P 500 has gained 4.1%.

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: Marqeta stock rockets after company lands Bill.com partnership

NasdaqMarqeta Inc. MQ said Wednesday that it has struck a new partnership with Bill.com Holdings Inc. BILL through which Marqeta will provide card-issuing technology that can be used by Bill.comas financial-institution partners. Marqetaas technology will apower new innovative commercial card products for Bill.comas financial institution customers,a the company said in a release. Marqeta offers application programming interfaces that make it easier for companies to build out card programs, while Bill.com seeks to help small- and medium-sized businesses automate accounts payable and other business functions. The partnership will help Bill.com customers astreamline payments and process payments faster,a Marqeta Chief Executive Jason Gardner said in a release. Bill.com Chief Executive RenA(c) Lacerte added that the offering will give clients aenhanced financial operations capabilities, enabling faster and easier payment offerings.a Marqeta shares are up 13.3% in morning trading Wednesday, and theyave gained 36.8% over the past three months as the S&P 500 has risen 4.0%.

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Affirm stock gains after company nabs buy-now, pay-later deal with American Airlines

Shares of Affirm Holdings Inc. are up 4.7% in Wednesday morning trading after the company announced that it will be working with American Airlines Group Inc. to provide buy-now pay-later options for the company's customers. Affirm will be the "exclusive monthly buy now, pay later provider" for aa.com, the American Airlines website, according to a press release. This is the first time that American Airlines has integrated buy-now pay-later options on the aa.com site, Affirm's release said. Customers will be able to use Affirm for airfare costing at least $50 and select from payment options ranging from three to 12 months. Affirm shares have gained 168% over the past three months as the S&P 500 has risen about 4%.

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Dow, S&P 500 struggle to deepen ascent into record territory early Wednesday

U.S. stock benchmarks were fighting to gain further traction towward record heights, as investors absorbed a clutch of earnings from McDonald's Corp , Boeing Co. and among others. Meanwhile, tensions between Washington and Beijing were also in focus after U.S. regulators banned China Telecom Corp. from operating in the U.S. The Dow Jones Industrial Average were trading 0.1% lower at 35,739, the S&P 500 index was down less than 0.1% at 4,572, while the Nasdaq Composite Index was up 0.3% at 15,275. Data showed U.S. durable goods orders fell 0.4% in October, compared with expectations for a 1% decline. "Core" orders rose by 0.8%. Separately, the government said the trade deficit widened in September. Elsewhere, Sino-U.S. tensions were in focus after the Federal Communications Commission gave China Telecom 60 days to leave the U.S. market. Regulators cited a potential national security threat from the company, such as the disruption of U.S. communications, amid rising tensions between the countries.

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Stocks of earnings reporters would add nearly 80 points to the Dow's price

Four of the five Dow Jones Industrial Average components are contributing to the index's gains, as they would roughly add a net 77 points the Dow's price. Meanwhile, Dow futures rose 36 points, or 0.1%, ahead of the open. The biggest gainer was Coca-Cola Co.'s stock , which rose 2.7%, with the implied price gain adding about 10 points to the Dow's price, after better-than-expected third-quarter results. Next was McDonald's Corp.'s stock , which gained 2.6% ahead of the open to add about 40 points to the Dow after upbeat 3Q results. Elsewhere, Microsoft Corp. shares rose 1.8% to add about 37 Dow points after record 1Q results, and Boeing Co.'s stock tacked on 2.1% to boost the Dow by 29 points despite a 3Q miss. Meanwhile, Visa Inc.'s stock was the biggest Dow loser in the premarket after 4Q results, as it fell 2.6% to shave about 39 points off the Dow's price.

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Hershey partners with A2 Milk Co. for chocolate milk product

Hershey Co. and A2 Milk Co. have partnered for a co-branded reduced-fat chocolate milk that will launch in Jan. 2022. Hershey's A2 Milk will be made with 2% milk and come in 59-ounce cartons as well as eight-ounce packs of six or 18. A2 milk comes from cows that naturally produce the A2 protein, rather than a mix of the A1 and A2 proteins that most dairy products contain, according to the announcement. Hershey stock has advanced 19.3% for the year to date while the S&P 500 index is up 21.8% for the period.

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Novavax is seeking authorization in the U.K. for its COVID-19 vaccine

Shares of Novavax Inc. jumped 8.0% in premarket trading on Wednesday after the company said it began submitting its experimental COVID-19 vaccine for authorization in the U.K. Novavax's vaccine candidate is protein-based, meaning it's a different type of vaccine than the mRNA shots developed by BioNTech SE /Pfizer Inc. and Moderna Inc. or the ChAdOx1 technology used in the AstraZeneca shots. Novavax's vaccine came out of clinical trials in the U.K. with an overall efficacy rate of 89.7%. The company plans to submit its vaccine candidate to U.S. regulators by the end of the year. Novavax's stock is up 21.0% for the year, while the S&P 500 has gained 21.8%.

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Poshmark launches program for large brands

Poshmark Inc. has announced the launch of the Brand Closet program, giving large brands the chance to use the e-commerce retailer's social commerce capabilities to communicate directly with shoppers. Poshmark sells both new and secondhand items, and many of its shoppers are younger Gen Z and millennial consumers. Poshmark has been piloting the Brand Closet program since 2020. Poshmark stock began trading in January. The stock has tumbled nearly 36% over the past three months while the S&P 500 index is up 3.9% for the period.

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UPDATE: GM shares down premarket as revenue miss weighs against profit beat and chip shortage takes its toll

General Motors shares reversed early gains to trade down 1.6% in premarket trade Wednesday, after the company blew past profit estimates for the third quarter and offered above-consensus guidance for the full year, but suffered a revenue miss. GM said it had net income of $2.420 billion, or $1.62 a share, in the quarter, down from $4.045 billion, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $1.52, well ahead of the 98 cents FactSet consensus. Revenue fell to $26.779 billion from $35.480 billion a year ago, missing the $30.722 billion FactSet consensus. The quarter "was challenging due to continuing semiconductor pressures," CEO Mary Barra said in a letter to shareholders. However, it also included "strong price and mix performance in North America, the benefit of the company's recall cost recovery agreement with LG Electronics and the continued strong financial results at GM Financial. As a result, the company is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range," GM said in a statement. The auto maker is now expecting full-year EPS to range from $5.52 to $6.52. It expects adjusted EPS to range from $5.70 to $6.70, compared with a FactSet consensus of $6.41. Shares have gained 38% in the year to date, while the S&P 500 has gained 22%.

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Norfolk Southern stock rallies toward 5-month high after profit, revenue beats

Shares of Norfolk Southern Corp. rose 0.8% toward a five-month high in premarket trading Wednesday, after the railroad operator reported third-quarter profit and revenue that rose above expectations, with all of its business segments beating expectations, in the face of "significant supply chain disruptions." Net income was $753 million, or $3.06 a share, after income of $569 million, or $2.22 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.91. Revenue grew 13.8% to $2.85 billion, above the FactSet consensus of $2.75 billion. Total operating expenses increased 3.0% to $1.72 billion, including a 5.4% rise in compensation and benefits to $609 million. Among business segment revenue, Merchandise rose 9.9%, Intermodal grew 16% and Coal climbed 32%. Railway operating ratio improved 630 basis points to 60.2%, but was below the FactSet consensus of 60.6%. The stock, on track to open at the highest level since mid-July, has rallied 9.1% over the past three months through Tuesday, while the Dow Jones Transportation Average has advanced 10.3% and the Dow Jones Industrial Average has gained 2.0%.

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Phillips 66 to acquire Phillips 66 Partners in an all-stock deal valued at about $3.4 billion

Phillips 66 said Wednesday it has agreed to acquire all of the common units of Phillips 66 Partners it does not already own in an all-stock deal valued about $3.4 billion. Under the terms of the deal, Phillips 66 Partners unitholders would receive 0.50 shares of Phillips 66 common stock for each unit owned, while the partnership's preferred units would be converted into common units at a premium to the original issuance price. The deal is expected to close in the first quarter of 2022. Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire mostly fee-based crude oil, petroleum products and natural gas liquids pipelines, terminals and other midstream assets.Shares of the partnership jumped 3.3% premarket on the news.

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General Dynamics tops profit expectations but revenue misses

General Dynamics Corp. reported third-quarter profit that rose above expectations but revenue that missed, as the aerospace and defense contractor's technologies, combat and aerospace business segments missed expectations while marine systems beat. The stock was still inactive in premarket trading. Net income edged up to $860 million, or $3.07 a share, from $834 million, or $2.90 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.98. Revenue grew 1.5% to $9.57 billion, but was below the FactSet consensus of $9.85 billion. Among business segments, Aerospace revenue rose 4.6% to $2.07 billion but missed the FactSet consensus of $2.14 billion; Technologies revenue fell 4.0% to $3.12 billion to miss expectations of $3.34 billion; Combat Systems revenue declined 3.1% to $1.75 billion, below expectations of $1.81 billion; and Marine Systems revenue rose 9.6% to $2.64 billion, to beat expectations of $2.58 billion. The stock has run up 37.5% year to date, while the S&P 500 has gained 21.8%.

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Bristol Myers Squibb says sales of Revlimid, Eliquis increased in the third quarter

Shares of Bristol Myers Squibb Co. gained 0.6% in premarket trading on Wednesday after the drug maker beat expectations for the quarter and saw sales rise for two of its top-selling products. The company had earnings of $1.5 billion, or 69 cents per share, in the third quarter of 2021, down from $1.8 billion, or 82 cents per share, in the same quarter a year ago. Adjusted earnings per share were $2.00 per share, against a FactSet consensus of $1.92. Bristol reported revenue of $11.6 billion for the quarter, up from $10.5 billion in the same three months of last year. The FactSet consensus was $11.6 billion in revenue. Cancer drug Revlimid had $9.5 billion in sales for the third quarter of this year, up 8% from $8.8 billion in the same quarter a year ago, and sales of blood-thinner Eliquis jumped 17% to $8.1 billion, compared with $6.9 billion in the same period a year ago. The company lowered its guidance for the year, saying it now expects EPS of $2.68 to $2.83, compared with previous guidance of $2.77 to $2.97, and adjusted EPS of $7.40 to $7.55, compared with previous guidance of $7.35 to $7.55. Bristol's stock is down 6.1% for the year, while the broader S&P 500 is up 21.8%.

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McDonald's profit and sales rise, beating expectations

McDonald's Corp. shares rose nearly 3% in Wednesday premarket trading after the fast-food giant reported third-quarter earnings and sales that beat expectations. Net income totaled $2.150 billion, or $2.86 per share, up from $1.763 billion, or $2.35 per share, last year. Adjusted EPS of $2.76 was ahead of the FactSet consensus for $2.46. Sales of $6.201 billion were up from $5.418 billion last year and also ahead of the FactSet consensus of $6.050 billion. Global comparable sales rose 12.7% with the U.S. up 9.6%. The FactSet consensus was for a 10% rise. International operated markets, which includes the U.K. and France, was up 13.9% and international developmental licensed markets, which includes Japan and China, were up 16.7%. McDonald's stock has gained 10.2% for the year to date while the Dow Jones Industrial Average has advanced 16.8% for the period.

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Boeing stock gains even after wider-than-expected loss, big revenue miss

Shares of Boeing Co. gained 0.7% in premarket trading, even as the aerospace and defense company reported a big loss and revenue misses, amid weakness in the commercial airplanes and defense, space and security businesses, while free cash flow was a lot less negative than projected. The net loss narrowed to $132 million, or 19 cents a share, from $466 million, or 79 cents a share, in the year-ago period. Excluding nonrecurring items, the per-share loss of 60 cents was triple the FactSet loss consensus of 20 cents. Revenue rose 8.1% to $15.28 billion, well below the FactSet consensus of $16.37 billion. Among the business segments, commercial airplanes revenue rose 24% to $4.46 billion but missed the FactSet consensus of $5.76 billion and defense, space and security revenue fell 3% to $6.62 billion to miss expectations of $6.80 billion, while global services revenue rose 14% to $4.22 billion to beat expectations of $3.92 billion. Free cash flow improved to negative $507 million from $5.08 billion a year ago, and beat expectations of negative $1.13 billion. "We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers," said Chief Executive David Calhoun. "Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open." The stock has shed 5.6% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 2.0%.

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Keyword Selected: aerospace

Dow closes 266 points lower, halts string of gains as Nasdaq ekes out 3rd straight rise and Treasurys log steepest yield slide in 3 months

The Dow and S&P 500 closed lower Wednesday, ending a string of gains for the equity benchmarks that have been mostly rising to all-time highs on the back of upbeat quarterly results from American corporations. The Dow Jones Industrial Average closed down 266 points, or 0.7%, at about 35,491, the S&P 500 index closed 0.5% lower at 4,552. The Nasdaq Composite Index finished the session nearly unchanged at 15,236, as a retreat in yields for the 10-year Treasury note and the 30-year Treasury bond hit lows not seen since July 19, according to Dow Jones Market Data. Lower yields can buoy yield-sensitive sectors like information technology and investment factors like growth. In corporate results, Microsoft Corp. reported quarterly earnings that shot over $20 billion for the first time, late Tuesday, which helped to limit declines in the broader market and supported the tech sector on Wednesday. Microsoft shares rose 4.2% to $323.17, notching a record close, according to Dow Jones Market Data. Meanwhile, in a surprise move Wednesday, the Bank of Canada said it would abruptly end its bond-buying program and warned of prolonged inflation through 2023, while also signaling it may hike interest rates sooner than expected, the second quarter of 2022.

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Exxon Mobil raises dividend by a penny, to boost the implied yield to nearly 5.5%

Exxon Mobil Corp. said Wednesday it will raise its quarterly dividend by a penny, to 88 cents a share from 87 cents. The new dividend will be payable Dec. 10 to shareholders of record on Nov. 12. The stock slumped 2.5% in afternoon trading, amid a broad slump in energy stocks as crude oil futures shed 2.3%. Based on current stock prices, Exxon Mobil's new annual dividend rate implies a dividend yield of 5.48%, which compares with the yield for the SPDR Energy Select Sector ETF of 3.75% and the implied yield for the S&P 500 of 1.32%. Exxon Mobil's new implied yield would make it the eighth-highest yielding stock in the S&P 500. There had been some question as to whether Exxon Mobil would raise its dividend or not this year, with Chief Executive Darren Woods assuring investors in July that the oil giant feels a "very strong commitment" toward a reliable and growing dividend.

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Market Extra: Bond tradersa mood turns sour as yield curves flatten all over the world

Spencer Platt/Getty ImagesThe bond marketas mood turned downcast on Wednesday as traders questioned the U.S. economyas ability to handle a potential rise in interest rates by the Federal Reserve next year and the Treasury yield curve flattened as a result, while similar moves were seen playing out across the world.The spread between 2- and 10-year U.S. yields narrowed to levels not seen in a month early Wednesday, according to data from Tradeweb, as long-dated yields slipped and shorter ones continued to rise. The counterpart gap between 5- and 30-year yields also narrowed to some of the flattest levels since April 2020. The moves come just a week before the Federal Reserve may announce the tapering of its $120 billion in monthly bond purchases, a prerequisite first step before lifting its policy interest rate possibly next year. Investors are concerned that the U.S. and other developed-market economies wonat be able to handle higher interest rates to counter higher inflation unleashed by the pandemic. Flattening yield curves a in which long-term yields are either falling relative to shorter-term rates, or not climbing as fast a are also being seen in the 5- and 30-year gaps of the U.K., Germany, Italy, France, and Greece, according to Tradewebas data.The pronounced global flattening of yield curves, particularly in the 5s/30s spread, included 15 basis point drops in Australia and Canada today, according toA Scott Ruesterholz, a portfolio manager at New York-based Insight Investment, which manages more than $1 trillion.A On Wednesday, the Bank of Canada took a major step in pulling back on the amount of stimulus it is providing to the economy, by ending its bond-buying program.aAround the world, we are now seeing central bank pricing get pulled forward, with multiple hikes expected for Canada, Australia, and Norway,a Ruesterholz said via phone. aThe market is now comingA to grips with the potential for a global rate-hiking cycle beginning next year, wherebyA you couldA see the pace of tightening increase. But central banks probably donat have to hike as much because youave lost some global momentum a and thatas leading to pretty pronounced flattening of the curve.aIn the U.S., the 2-year yield BX:TMUBMUSD02Y, which is most closely associated with expectations for near-term Fed policy moves, rose above 0.51% on Wednesday, one of the highest levels since March 2020. The 10-year yield BX:TMUBMUSD10Y and the 30-year rate BX:TMUBMUSD30Y are each heading for their largest one-day declines in three months, trading around 1.525% and 1.943% respectively. Flattening yield curves are generally associated with economies losing momentum. Theyare currently being taken as a warning signal that the Fed and other central banks could be tapping on the brakes of an economic recovery at a time when growth might be waning. Flatter curves are also bad for banks which lend at long-term rates but pay interest on short-term ones, and raise the specter of invertingA curves, which can foreshadow a recession.Shares of large banks like Citigroup Inc. C and JPMorgan Chase & Co. JPM were down Wednesday. The Dow industrials DJIA also drifted 0.2% lower after hitting a closing record Tuesday. The S&P 500 Index SPX and tech-heavy Nasdaq Composite Index COMP were higher, by around 0.2% and 0.8% respectively.aThe seeds of flatter yield curves globally have been planteda following a period of peak monetary stimulus globally, with the exception of China, said JackA McIntyre, who helps oversee more than $66 billion at Brandywine Global Investment Management in Philadelphia.A aCentral banks have started the process of withdrawing that stimulus. Some central banks have to remove it faster than others.aBrandywine Global has been buying some developed market bonds, such as German bunds, as well as the government debt of developing markets like China, he said via phone. The firm still has a high degree of confidence in emerging market bonds, where spreads are attractive and centralA banks have already embarked on tightening cycles. He says Brandywine Global doesnat currently own any Treasuries, and expects U.S. yields to move higher, but ais open to the idea that yields are not going to move significantly higher.a

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Arhaus sets IPO terms as profitable home furnishings retailer could be valued at up to $2.4 billion

Arhaus Inc. has set the terms for its initial public offering, in which the profitable Ohio-based premium home furnishings retailer could be valued at up to $2.38 billion. The company could raise up to $219.4 million, as it is offering 12.9 million Class A shares in the IPO, which is expected to price between $14 and $17 a share. Selling shareholders are offering 10.0 million shares in the IPO, as they look to raise up to $170.0 million. The company expects to have a total of 140.06 million shares outstanding after the IPO, including 57.34 million Class A shares and 82.72 million Class B shares. The Class A shares are expected to list on the Nasdaq under the ticker symbol "ARHS." BofA Securities and Jefferies are the lead underwriters. The company recorded net income of $16.2 million on revenue of $355.4 million during the six months ended June 30, after income of $10.7 million on revenue of $224.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 10.7% over the past three months while the S&P 500 has gained 4.0%.

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: Inflation is turning into a headwind for these five publicly traded companies, analysis shows

Glyn Kirk/Agence France-Presse/Getty ImagesSophisticated algorithms, based on 25 macro-economic drivers used to calculate appropriate fair values for asset prices, have identified the top five publicly traded companies for which inflation is turning into a significant headwind. The companies are Regeneron Pharmaceuticals Inc. REGN; Centerspace CSR; SBA Communications Corp. SBAC; ResMed Inc. RMD; and DexCom Inc. DXCM, according to Colin Stewart, head of Americas for Quant Insight in New York, citing data as of Wednesday.The data incorporates moves in 2- to 10-year U.S. inflation expectations, using inflation swaps, to determine which companies stand the best chance of weathering a period of higher prices, by being able to pass that on to consumers. The five companies seen as getting helped the most by higher inflation acting as a tailwind are Endo International PLC ENDP; Boston Beer Co. SAM; Calavo Growers Inc. CVGW; Discovery Inc. DISCA; and SelectQuote Inc. SLQT, according to Quant Insightas data.Higher inflation tends to provide a positive lift to stocks, until either it compresses profit margins and a company lacks the pricing power to make up for it, or markets expect interest-rate rises to put the brakes on economic growth. Bond markets worldwide are now factoring in the potential for a global rate-hiking cycle beginning next year, as evidenced by the pronounced flattening of curves across countries.aMarkets, we feel, are hampered by the inability to mark to macro,a or trade at levels that accurately reflect the state of the economy, Stewart said by phone. aWe put eyes on this very big blind spot for investors, by calculating all the factors that drive up asset prices across equities, ETFs, rates, commodities and crypto currencies.aA recent explosion of alternative data sources like Quant Insight, based in London and New York, is giving investors access to tools previously reserved for only hedge funds, with traditional money managers scouring the world for information that can give them an edge. Read: The explosion of aalternativea data gives regular investors access to tools previously employed only by hedge fundsQuant Insight serves portfolio managers, traders, insurers and corporations. It was co-founded by former hedge-fund manager Mahmood Noorani and has a team of academic advisors that include astrophysics professor Michael Hobson of the University of Cambridge in the U.K. In March 2020, at the onset of the pandemic in the U.S., the firm predicted the S&P 500 Index SPX would bottom out on the 15th of that month a roughly a week sooner than the index actually did. Quant Insight isnat currently giving a forecast for the S&P 500, saying the index is now trading aout of regime,a or for reasons that are outside of economic fundamentals, Stewart says. On Wednesday, the S&P 500 edged higher along with the Nasdaq Composite Index COMP as investors weighed earnings from tech stocks. Meanwhile, Dow industrials DJIA were under modest pressure in afternoon trade.

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U.S. oil futures fall by more than 2%; natural-gas futures end at more than 3-week high

Oil futures settled with a loss of more than 2% on Wednesday after the Energy Information Administration reported a 4.3 million-barrel weekly climb in U.S. crude inventories and amid news that Iran may soon renew talks with world powers on a nuclear deal. Iran's chief negotiator, Ali Bagheri, said Wednesday that Iran will return to nuclear discussions before the end of November, according to The Wall Street Journal. "If this leads to the eventual withdrawal of U.S. sanctions, Iranian oil exports will rise, ending the threat of a supply shortage that has been partly the reason behind the big oil rally," said Fawad Razaqzada, market analyst at ThinkMarkets, in a market update. West Texas Intermediate crude for December delivery fell $1.99, or nearly 2.4%, to settle at $82.66 a barrel on the New York Mercantile Exchange. Natural-gas prices, meanwhile, rallied, getting a boost from some forecasts for colder weather as the November contracts expired. November natural gas rose 32 cents, or 5.4%, to settle at $6.202 per million British thermal units, the highest in just over three weeks. The new front month December contract added 20 cents, or almost 3.3%, to $6.198 per million Btus.

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Dow transports fall for first time in 10 trading days

The Dow Jones Transportation Average slumped 116 points, or 0.7%, with 16 of 20 components losing ground, to put the index on track for the first decline in 10 trading sessions. The nine-day win streak that is set to snap was the longest since the 11-day stretch of gains that ended on Aug. 12, 2020. The Dow transports' biggest decliner was Ryder System Inc.'s stock , which slumped 5.1%, the biggest one-day drop in eight months, even after the truck rental company beat third-quarter profit and revenue expectations and raised its full-year outlook. The biggest gainer was Norfolk Southern Corp.'s stock , which rose 1.1% after the railroad operator reported better-than-expected third-quarter earnings. The other three Dow transport gainers were shares of other railroad components, those of CSX Corp. , Kansas City Southern and Union Pacific Corp. . While the Dow transports dropped, the Dow Jones Industrial Average fell 72 points, or 0.2%, while the S&P 500 gained 0.2%.

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Long-dated Treasury yields on track for biggest daily drop in over 3 months

Long-dated Treasury yields on Wednesday were experiencing the biggest slide in months, with buying in long-dated bond yields fueled by concerns about the economic outlook, against expectations that the Federal Reserve will commence the reduction of monthly asset purchases, as early as next week, with an eye toward eventually hiking interest rates, which currently stand at a range between 0% and 0.25%. The 10-year Treasury note yield was 8.3 basis points lower at around 1.538% at last check Wednesday, compared with its 3 p.m. Eastern Time levels. The daily slide for the benchmark Treasury rate, used to price everything from mortgages to car loans, would mark the steepest one-day slide since July 19, according to Dow Jones Market Data. Meanwhile, the 30-year Treasury bond rate was at 1.953%, off 9.8 basis points, which would also mark its sharpest yield slide since July 19.

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Financial stocks suffer broad weakness as Treasury yields drop, Capital One's results disappoint investors

Financial stocks took a broad hit Wednesday, as investor disappointment over Capital One Financial Corp.'s third-quarter results and the biggest drop in benchmark Treasury yields in three months acted as drags on the sector. The SPDR Financial Select Sector ETF fell 1.2% in afternoon trading with 57 of 65 equity components trading lower, while the S&P 500 tacked on 0.2%. Capital One's stock tumbled 7.5% to pace the losers even after the financial services company reported third-quarter earnings that rose above expectations, helped by a $770.0 million reserve release. If the reserve release was excluded, the company would have posted a net income decline, and earnings per share would have been reduced by about $1.75. Among other more heavily weighted components of the financial ETF (XLF), shares of Bank of America Corp. shed 1.3%, JPMorgan Chase & Co. gave up 1.9%, Wells Fargo & Co. fell 0.4%, Citigroup Inc. lost 0.7% and Goldman Sachs Group Inc. gave up 1.0%. The yield on the 10-year Treasury note fell 8.4 basis points to 1.535%, the biggest one-day drop in yields since July 19, after data showing a decline in durable goods data. Lower long-term yields can eat into bank profits, as that can lower the spread banks earn as they fund longer assets, such as loans, with shorter term liabilities.

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Gold futures finish higher, but stay below the key $1,800 mark

Gold futures climbed on Wednesday, but finished below the key $1,800 mark for a second straight session. "Gold should stabilize here and might not do much of anything" until after both the monetary policy decision from the European Central Bank on Thursday and the U.S. Federal Reserve on Nov. 3, said Edward Moya, senior market analyst at Oanda. December gold climbed by $5.40, or 0.3%, to settle at $1,798.80 an ounce following a loss of 0.7% on Tuesday.

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Enphase Energy jumps more than 25% after Q3 earnings, microgrid news

Enphase Energy Inc. stock rallied more than 25% on Wednesday, poised for its highest close since Jan. 7 and its largest one-day percent increase since March 2020. The stock was the best performing in the S&P 500 index on Wednesday. The energy management technology company late Tuesday reported third-quarter earnings well above Wall Street expectations, saying it earned an adjusted 60 cents a share on sales of $352 million in the quarter, compared with forecasts for adjusted earnings of 49 cents a share on sales of $345 million. Enphase earlier this week announced a new solar microinverter for its customers in North America, saying the device was capable of forming a microgrid during a power outage using only solar power and providing backup power without a battery.

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Rent the Runway receives warm Wall Street reception, as stock opens 9.5% above IPO price

Rent the Runway Inc. received a warm reception on its Wall Street debut, as the fashion rental company's stock opened 9.5% above the initial public offering price. The Brooklyn-based company said overnight that it raised $357.0 million as its upsized IPO of 17.0 million shares priced at $21 a share, at the top of the expected range. The stock's first trade on the Nasdaq was at $23.00 at 11:52 a.m. Eastern for 1.7 million shares. At that price, the company was valued at about $1.4 billion. The upbeat opening for Rent the Runway's stock comes on a day of relative investor disdain for IPOs, as the Renaissance IPO ETF slumped 1.3% in midday trading while the S&P 500 eased less than 0.1%.

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U.K. pub chains climb after Sunak announces cuts in beer and sparkling wine taxes

U.K. pub operators advanced on Wednesday as Chancellor Rishi Sunak announced an overhaul of alcohol taxation that will cut the levies on rose, sparkling wine, beer and cider. J.D. Wetherspoon climbed 5%, and Mitchells & Butler and Marston's also gained ground.

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EIA reports a weekly climb in U.S. crude supplies, but stocks at a key delivery hub decline

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended Oct. 22. On average, analysts polled by S&P Global Platts expected a 100,000-barrel decline, but the American Petroleum Institute on Tuesday reported a 2.3 million-barrel climb, according to sources. The EIA also reported weekly inventory declines of 2 million barrels for gasoline and 400,000 barrels for distillates. The S&P Global Platts survey expected supplies to decrease by 2.7 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., storage hub fell by 3.9 million barrels for the week. Oil prices continued to trade lower after the EIA data. December West Texas Intermediate crude contract fell 83 cents, or 1%, at $83.82 a barrel on the New York Mercantile Exchange, little changed from $83.81 before the supply data.

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Cortexyme's stock tumbles on failed clinical trial for Alzheimer's drug

Shares of Cortexyme Inc. tumbled 72.7% in trading on Wednesday, the day after the company said a late-stage clinical trial evaluating its experimental Alzheimer's disease treatment failed to meet the study's endpoints. Cortexyme's stock is down 43.3% this year; the S&P 500 is up 21.8%.

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Spotify's stock surges to highest level in more than 3 months after revenue, MAU beats

Shares of Spotify Technology S.A. shot up more than 10% before paring gains to be up 5.8% toward a 3 1/2-month high in morning trading Wednesday, after the Luxembourg-based music streaming service reported better-than-expected revenue, MAUs, free cash flow (FCF) and gross margin, but a wider-than-forecast loss. Revenue rose 26.6% to EUR2.50 billion ($2.91 billion), above the FactSet consensus of EUR2.45 billion, citing "significant strength in advertising," while monthly active users (MAUs) rose 19% to 381 million to beat expectations of 380.2 million, amid double-digit growth in all geographic regions. FCF was EUR99 million, down from EUR103 million a year ago, but above expectations of EUR93.4 million. Gross margin improved to 26.7% from 24.8%, topping the guidance range provided in July of 24.4% to 26.4%. Meanwhile, the company reported a per-share loss that narrowed to EUR0.41 from EUR0.58, but that FactSet loss consensus of EUR0.21. For the fourth quarter, Spotify expects revenue of EUR2.54 billion to EUR2.68 billion, compared with the FactSet consensus of EUR2.58 billion. The stock has rallied 12.6% over the past three months, while the S&P 500 has gained 4.1%.

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: Marqeta stock rockets after company lands Bill.com partnership

NasdaqMarqeta Inc. MQ said Wednesday that it has struck a new partnership with Bill.com Holdings Inc. BILL through which Marqeta will provide card-issuing technology that can be used by Bill.comas financial-institution partners. Marqetaas technology will apower new innovative commercial card products for Bill.comas financial institution customers,a the company said in a release. Marqeta offers application programming interfaces that make it easier for companies to build out card programs, while Bill.com seeks to help small- and medium-sized businesses automate accounts payable and other business functions. The partnership will help Bill.com customers astreamline payments and process payments faster,a Marqeta Chief Executive Jason Gardner said in a release. Bill.com Chief Executive RenA(c) Lacerte added that the offering will give clients aenhanced financial operations capabilities, enabling faster and easier payment offerings.a Marqeta shares are up 13.3% in morning trading Wednesday, and theyave gained 36.8% over the past three months as the S&P 500 has risen 4.0%.

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Affirm stock gains after company nabs buy-now, pay-later deal with American Airlines

Shares of Affirm Holdings Inc. are up 4.7% in Wednesday morning trading after the company announced that it will be working with American Airlines Group Inc. to provide buy-now pay-later options for the company's customers. Affirm will be the "exclusive monthly buy now, pay later provider" for aa.com, the American Airlines website, according to a press release. This is the first time that American Airlines has integrated buy-now pay-later options on the aa.com site, Affirm's release said. Customers will be able to use Affirm for airfare costing at least $50 and select from payment options ranging from three to 12 months. Affirm shares have gained 168% over the past three months as the S&P 500 has risen about 4%.

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Dow, S&P 500 struggle to deepen ascent into record territory early Wednesday

U.S. stock benchmarks were fighting to gain further traction towward record heights, as investors absorbed a clutch of earnings from McDonald's Corp , Boeing Co. and among others. Meanwhile, tensions between Washington and Beijing were also in focus after U.S. regulators banned China Telecom Corp. from operating in the U.S. The Dow Jones Industrial Average were trading 0.1% lower at 35,739, the S&P 500 index was down less than 0.1% at 4,572, while the Nasdaq Composite Index was up 0.3% at 15,275. Data showed U.S. durable goods orders fell 0.4% in October, compared with expectations for a 1% decline. "Core" orders rose by 0.8%. Separately, the government said the trade deficit widened in September. Elsewhere, Sino-U.S. tensions were in focus after the Federal Communications Commission gave China Telecom 60 days to leave the U.S. market. Regulators cited a potential national security threat from the company, such as the disruption of U.S. communications, amid rising tensions between the countries.

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Stocks of earnings reporters would add nearly 80 points to the Dow's price

Four of the five Dow Jones Industrial Average components are contributing to the index's gains, as they would roughly add a net 77 points the Dow's price. Meanwhile, Dow futures rose 36 points, or 0.1%, ahead of the open. The biggest gainer was Coca-Cola Co.'s stock , which rose 2.7%, with the implied price gain adding about 10 points to the Dow's price, after better-than-expected third-quarter results. Next was McDonald's Corp.'s stock , which gained 2.6% ahead of the open to add about 40 points to the Dow after upbeat 3Q results. Elsewhere, Microsoft Corp. shares rose 1.8% to add about 37 Dow points after record 1Q results, and Boeing Co.'s stock tacked on 2.1% to boost the Dow by 29 points despite a 3Q miss. Meanwhile, Visa Inc.'s stock was the biggest Dow loser in the premarket after 4Q results, as it fell 2.6% to shave about 39 points off the Dow's price.

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Hershey partners with A2 Milk Co. for chocolate milk product

Hershey Co. and A2 Milk Co. have partnered for a co-branded reduced-fat chocolate milk that will launch in Jan. 2022. Hershey's A2 Milk will be made with 2% milk and come in 59-ounce cartons as well as eight-ounce packs of six or 18. A2 milk comes from cows that naturally produce the A2 protein, rather than a mix of the A1 and A2 proteins that most dairy products contain, according to the announcement. Hershey stock has advanced 19.3% for the year to date while the S&P 500 index is up 21.8% for the period.

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Novavax is seeking authorization in the U.K. for its COVID-19 vaccine

Shares of Novavax Inc. jumped 8.0% in premarket trading on Wednesday after the company said it began submitting its experimental COVID-19 vaccine for authorization in the U.K. Novavax's vaccine candidate is protein-based, meaning it's a different type of vaccine than the mRNA shots developed by BioNTech SE /Pfizer Inc. and Moderna Inc. or the ChAdOx1 technology used in the AstraZeneca shots. Novavax's vaccine came out of clinical trials in the U.K. with an overall efficacy rate of 89.7%. The company plans to submit its vaccine candidate to U.S. regulators by the end of the year. Novavax's stock is up 21.0% for the year, while the S&P 500 has gained 21.8%.

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Poshmark launches program for large brands

Poshmark Inc. has announced the launch of the Brand Closet program, giving large brands the chance to use the e-commerce retailer's social commerce capabilities to communicate directly with shoppers. Poshmark sells both new and secondhand items, and many of its shoppers are younger Gen Z and millennial consumers. Poshmark has been piloting the Brand Closet program since 2020. Poshmark stock began trading in January. The stock has tumbled nearly 36% over the past three months while the S&P 500 index is up 3.9% for the period.

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UPDATE: GM shares down premarket as revenue miss weighs against profit beat and chip shortage takes its toll

General Motors shares reversed early gains to trade down 1.6% in premarket trade Wednesday, after the company blew past profit estimates for the third quarter and offered above-consensus guidance for the full year, but suffered a revenue miss. GM said it had net income of $2.420 billion, or $1.62 a share, in the quarter, down from $4.045 billion, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $1.52, well ahead of the 98 cents FactSet consensus. Revenue fell to $26.779 billion from $35.480 billion a year ago, missing the $30.722 billion FactSet consensus. The quarter "was challenging due to continuing semiconductor pressures," CEO Mary Barra said in a letter to shareholders. However, it also included "strong price and mix performance in North America, the benefit of the company's recall cost recovery agreement with LG Electronics and the continued strong financial results at GM Financial. As a result, the company is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range," GM said in a statement. The auto maker is now expecting full-year EPS to range from $5.52 to $6.52. It expects adjusted EPS to range from $5.70 to $6.70, compared with a FactSet consensus of $6.41. Shares have gained 38% in the year to date, while the S&P 500 has gained 22%.

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Norfolk Southern stock rallies toward 5-month high after profit, revenue beats

Shares of Norfolk Southern Corp. rose 0.8% toward a five-month high in premarket trading Wednesday, after the railroad operator reported third-quarter profit and revenue that rose above expectations, with all of its business segments beating expectations, in the face of "significant supply chain disruptions." Net income was $753 million, or $3.06 a share, after income of $569 million, or $2.22 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.91. Revenue grew 13.8% to $2.85 billion, above the FactSet consensus of $2.75 billion. Total operating expenses increased 3.0% to $1.72 billion, including a 5.4% rise in compensation and benefits to $609 million. Among business segment revenue, Merchandise rose 9.9%, Intermodal grew 16% and Coal climbed 32%. Railway operating ratio improved 630 basis points to 60.2%, but was below the FactSet consensus of 60.6%. The stock, on track to open at the highest level since mid-July, has rallied 9.1% over the past three months through Tuesday, while the Dow Jones Transportation Average has advanced 10.3% and the Dow Jones Industrial Average has gained 2.0%.

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Phillips 66 to acquire Phillips 66 Partners in an all-stock deal valued at about $3.4 billion

Phillips 66 said Wednesday it has agreed to acquire all of the common units of Phillips 66 Partners it does not already own in an all-stock deal valued about $3.4 billion. Under the terms of the deal, Phillips 66 Partners unitholders would receive 0.50 shares of Phillips 66 common stock for each unit owned, while the partnership's preferred units would be converted into common units at a premium to the original issuance price. The deal is expected to close in the first quarter of 2022. Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire mostly fee-based crude oil, petroleum products and natural gas liquids pipelines, terminals and other midstream assets.Shares of the partnership jumped 3.3% premarket on the news.

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General Dynamics tops profit expectations but revenue misses

General Dynamics Corp. reported third-quarter profit that rose above expectations but revenue that missed, as the aerospace and defense contractor's technologies, combat and aerospace business segments missed expectations while marine systems beat. The stock was still inactive in premarket trading. Net income edged up to $860 million, or $3.07 a share, from $834 million, or $2.90 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.98. Revenue grew 1.5% to $9.57 billion, but was below the FactSet consensus of $9.85 billion. Among business segments, Aerospace revenue rose 4.6% to $2.07 billion but missed the FactSet consensus of $2.14 billion; Technologies revenue fell 4.0% to $3.12 billion to miss expectations of $3.34 billion; Combat Systems revenue declined 3.1% to $1.75 billion, below expectations of $1.81 billion; and Marine Systems revenue rose 9.6% to $2.64 billion, to beat expectations of $2.58 billion. The stock has run up 37.5% year to date, while the S&P 500 has gained 21.8%.

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Bristol Myers Squibb says sales of Revlimid, Eliquis increased in the third quarter

Shares of Bristol Myers Squibb Co. gained 0.6% in premarket trading on Wednesday after the drug maker beat expectations for the quarter and saw sales rise for two of its top-selling products. The company had earnings of $1.5 billion, or 69 cents per share, in the third quarter of 2021, down from $1.8 billion, or 82 cents per share, in the same quarter a year ago. Adjusted earnings per share were $2.00 per share, against a FactSet consensus of $1.92. Bristol reported revenue of $11.6 billion for the quarter, up from $10.5 billion in the same three months of last year. The FactSet consensus was $11.6 billion in revenue. Cancer drug Revlimid had $9.5 billion in sales for the third quarter of this year, up 8% from $8.8 billion in the same quarter a year ago, and sales of blood-thinner Eliquis jumped 17% to $8.1 billion, compared with $6.9 billion in the same period a year ago. The company lowered its guidance for the year, saying it now expects EPS of $2.68 to $2.83, compared with previous guidance of $2.77 to $2.97, and adjusted EPS of $7.40 to $7.55, compared with previous guidance of $7.35 to $7.55. Bristol's stock is down 6.1% for the year, while the broader S&P 500 is up 21.8%.

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