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4:03 p.m. ET: Stocks close at record highs
The Dow, Nasdaq, and S&P 500 closed at record highs, driven in part by record closes by Disney (DIS), Microsoft (MSFT), and JPMorgan Chase (JPM), according to a Yahoo Finance Analysis. Merck (MRK) also saw a boost, trading near record highs.
Here’s where markets settled at the end of regular equity trading Tuesday:
S&P 500 (^GSPC): +0.22%, or 6.79 points
Dow (^DJI): +0.19%, or 54.33 points
Nasdaq (^IXIC): +0.18%, or 15.44 points
10-year Treasury yield (^TNX): -2.8 bp to 1.738%
Gold (GC=F): +0.36% to $1,462.20 per ounce
3:11 p.m. ET: SoulCycle CEO Melanie Whelan resigns
Melanie Whelan, CEO of private fitness company SoulCycle is resigning, effective Tuesday, the company told CNBC. The company did not say why.
“I’m deeply grateful for the opportunity to have led the SoulCycle team and brand over the past nearly eight years during a transformational time for this amazing community,” Whelan said in a statement to CNBC. “The future is bright for this one-of-a-kind organization and I will be cheering on its continued growth and success.”
1 p.m. ET: Federal prosecutors open criminal opioid probe, WSJ reports
The Wall Street Journal is reporting that federal prosecutors have opened a criminal investigation into pharma companies, and whether they “intentionally allowed” the painkillers to flood communities. Key drugmakers like Teva (TEVA) and McKesson (MCK) are dropping on the news, while Johnson & Johnson (JNJ) is marginally lower.
From The Journal’s story:
“Federal prosecutors have opened a criminal investigation into whether pharmaceutical companies intentionally allowed opioid painkillers to flood communities, employing laws normally used to go after drug dealers, according to people familiar with the matter.
The investigation, if it results in criminal charges, could become the largest prosecution yet of drug companies alleged to have contributed to the opioid epidemic, escalating the legal troubles of businesses that already face complex, multibillion-dollar civil litigation in courts across the country. Prosecutors are examining whether the companies violated the federal Controlled Substances Act, a statute that federal prosecutors have begun using against opioid makers and distributors this year.
At least six companies have said in regulatory filings that they received grand-jury subpoenas from the U.S. attorney’s office in the Eastern District of New York: drugmakers Teva Pharmaceutical Industries Ltd. , Mallinckrodt PLC, Johnson & Johnson and Amneal Pharmaceuticals Inc. and distributors AmerisourceBergen Corp. and McKesson Corp. People familiar with the matter said the subpoenas were in connection with the Brooklyn federal probe.”
12:20 p.m. ET: Stocks inch higher as Trump says a China trade deal is within reach
Stocks cling to modest gains in directionless, pre-holiday trade, supported by constructive housing and consumer data. President Donald Trump says that a U.S.-China mini deal is in its “final throes.” Investors, of course, have heard that before, and it remains to be seen whether the two sides can forge a consensus.
11:35 a.m. ET: How much would you pay for a Thanksgiving dinner?
Apparently, one New York City steakhouse is expecting some to pony up $181,000 (yes, you read that correctly).
10:15 a.m. ET: New home sales drop last month
Sales of new U.S. single-family homes dropped in October after a strong prior month, but the overall housing market remains supported by lower mortgage rates, according to Commerce Data.
10:03 a.m. ET: No ‘happy ending’ for U.S.-China trade war
A small but growing contingent of market analysts believe tensions between U.S. and China are nearly intractable.
With that in mind, Kim Catechis of Martin Currie explains to Yahoo Finance why “we should not expect a happy ending, because I think structurally, both countries are now embarked on a confrontational approach, and that's not going to change.”
10:00 a.m. ET: Stocks edge up after consumer confidence
The Conference Board reports consumer confidence dipped in October to 125.5, vs a previous figure of 126, underscoring how people are still opening their wallets in the face of economic uncertainty. The Expectations Index – which is based on consumers’ short-term outlook for income and other factors – rose from 94.5 to 97.9 this month. Stocks get a boost, with the 3 major indices setting new highs.
9:30 a.m. ET: Stocks flat in ‘melt-up,’ amid hopes of U.S.-China trade deal
Stocks were marginally changed at the opening bell, as the world’s two largest economies continued to hash out a ceasefire in the trade war. Despite trade tensions, Wall Street benchmarks set new records on Monday, in what some market watchers call a “melt-up” in stocks.
Here’s where the markets began trading:
S&P 500 (^GSPC): flat, or -2 points
Dow (^DJI): flat, or -13 points
Nasdaq (^IXIC): flat, or -2.58 points
10-year Treasury yield (^TNX): -0.2 at 1.73%
Gold (GC=F): -0.16% to $1,454.50 per ounce
As the U.S. and China inch toward a deal, some analysts wonder if the market’s record highs might be alleviating pressure on President Donald Trump, who perceives his negotiating strategy as successful instead of prolonging uncertainty.
9:00 a.m. ET: Home prices grew at their fastest rate in more than a year
According to new data, the rate of U.S. home price increases rose in August, reversing a 16-month slowdown.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 3.2% annual gain in August, up from 3.1% in the previous month. The increase ends a 16-month deceleration in price growth.