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16 November 2018
 |
| financial markets (The Total Investment & Insurance Solutions) |
U.S. stock indexes were mostly lower in early trading Friday, erasing
some of the market's gains from a day earlier. Losses in technology companies,
big retailers and banks outweighed gains in health care and energy stocks.
Crude oil prices headed higher for the third day in a row.
KEEPING SCORE: The S&P 500 index fell 1
point to 2,729 as of 10:15 a.m. Eastern Time. The Dow Jones Industrial Average
gained 31 points, or 0.1 percent, to 25,320. The Nasdaq composite lost 23
points, or 0.3 percent, to 7,235. The Russell 2000 index of smaller companies
gave up 2 points, or 0.2 percent, to 1,521.
CRYPTO FALLOUT: Shares in technology stocks
skidded, led by Nvidia. The chipmaker plunged 17.7 percent to $166.71 after
saying it had a large number of unsold chips because of a big drop in mining of
cryptocurrencies.
SHIELDED? Troubled California power provider
PG&E surged 38.2 percent to $24.52 after the president of the utility's
state regulator said it was essential for a power company to have the financial
strength to operate safely. The remark late Thursday by California Public
Utilities Commission President Michael Picker appeared to reassure investors
that regulators might limit the potential financial hit that PG&E faces
from the devastating wildfire in Northern California, which started Nov. 8 and
has killed at least 56 people.
RETAIL RATTLED: Nordstrom slid 11.9 percent
to $51.98 after the department store issued weak guidance for the full year.
That disappointing outlook overshadowed the company's third-quarter results,
which topped Wall Street's estimates.
FEELING GOOD: Health care stocks were among
the biggest gainers. Bristol-Myers Squibb gained 1.9 percent to $54.29.
ENERGY: Oil prices headed higher, adding to
gains from a two-day winning streak. Benchmark U.S. crude oil rose 1.8 percent
to $57.48 a barrel in New York. Brent crude, used to price international oils,
gained 2.1 percent to $67.99 a barrel in London. Despite the latest uptick,
U.S. crude oil is still down about 12 percent for the month.
The pickup in oil prices helped lift energy
stocks. Helmerich & Payne rose 1.8 percent to $61.08.
BOND YIELDS: Bond prices rose. The 10-year
Treasury fell to 3.09 percent from 3.11 percent late Thursday.
CURRENCIES: The dollar fell to 112.72 yen
from 113.58 yen on Thursday. The euro strengthened to $1.1407 from $1.1348. The
pound rose to $1.2867 from $1.2791.
OVERSEAS: Major European stock indexes were
subdued as trade tensions and political risks surrounding Britain's exit from
the European Union kept investors cautious. Germany's DAX fell 0.2 percent and
France's CAC lost 0.3 percent. Britain's FTSE 100 gave up 0.4 percent. In Asia,
Japan's Nikkei 225 index lost 0.6 percent while the Hang Seng in Hong Kong
added 0.3 percent. South Korea's Kospi rose 0.2 percent.The Total Investment & Insurance Solutions
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