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4:07 p.m. ET: Stocks recover, closer higher
Here’s where stocks settled as of 4:07 p.m. ET:
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S&P 500 (^GSPC): 3,246.30, up 11.45 points or 0.35%
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Dow (^DJI): 28,628.28, down 6.60 points or 0.02%
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Nasdaq (^IXIC): 9,050.42, up 29.65 points or 0.33%
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Crude oil (CL=F): $63.03 per barrel, up $0.02 or 0.03%
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Gold (GC=F): $1,567.70 per ounce, up $15.30 or 0.99%
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2:30 p.m. ET: Under Armour falls to worst performer of S&P today
Under Armour (UAA, UA) is the worst performer in the S&P today, down nearly 7% after a JP Morgan analyst warned that Under Armour’s fourth-quarter sales are likely to disappoint. It’s a tough start to the year and tough start for new CEO Patrik Frisk, who took the reins after founder Kevin Plank stepped down.
— Daniel Roberts
1:16 p.m. ET: S&P 500 & Nasdaq turns positive
Here were the main market moves, as of 1:16 p.m. ET:
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S&P 500 (^GSPC): 3,237.65, up 2.80 points or 0.09%
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Dow (^DJI): 28,617.04, down 17.84 points or 0.06%
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Nasdaq (^IXIC): 9,042.01, up 20.98 points or 0.23%
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Crude oil (CL=F): $63.13 per barrel, up $0.08 or 0.13%
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Gold (GC=F): $1,566.40 per ounce, up $14 or 0.90%
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11:25 a.m. ET: Why Target may be BBBY’s ‘perfect North Star’
A graphic showing how Bed Bath and Beyond’s foot traffic has fared over the last couple of years
Bed, Bath and Beyond (BBBY)’s stock is jumping in Monday’s trade after a rough few weeks, as investors cheer the closing of a real estate deal that will net the company a cool $250 million. But amid a sales slump and a leadership shake-up, the writing’s on the wall for the beleaguered retailer ahead of its quarterly earnings report this week.
Retail analytics firm Placer.ai noted on Monday that Target (TGT)— the retail giant from which newly installed BBBY CEO Mark Tritton hails — could be “the perfect North Star for Bed Bath & Beyond.”
Why? Placer.ai’s Ethan Chernofsky takes note of BBBY’s “clear and ongoing decline in visits” amid a challenged brand, and breaks it down this way:
Beyond being one of the undisputed leaders of offline retail, Target has found a powerful growth channel by pushing upmarket. From collaboration with Disney and Toys-R-Us to multi-format stores that enable it to get closer to high-income audiences, the approach has been paying off. And this concept may work even better for Bed Bath & Beyond. Bed Bath & Beyond sees 26.6% of its audience earn more than $100,000 per year, above Target’s 24.4%. Should Bed Bath & Beyond succeed in implementing similar strategies? A high-end focus could help drive more visits, especially if the brand can effectively implement a similar strategy to optimize the offering for major cities.
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10:55 a.m. ET: Stocks cut losses, S&P turns flat on the day
Knee-jerk selling on Wall Street has given way to bargain hunting, as major benchmarks come off their lows. The S&P 500 Index is now flat on the day, while the Dow and Nasdaq are mixed to slightly lower. Iran is still a concern, but investors are reverting to the mean (namely, that geopolitics doesn’t move prices for long).
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10:10 a.m. ET: Stocks tumble at open but come off lows
Stocks opened lower across all three of the major indices but have since come off the lows of the session. Monday’s slide comes after both the Dow and S&P 500 had their worst day in a month Friday.
Here were the main market moves, as of 10:10 a.m. ET:
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S&P 500 (^GSPC): 3,227.70, down 7.15 points or 0.22%
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Dow (^DJI): 28,506.60, down 128.28 points or 0.45%
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Nasdaq (^IXIC): 9,000.56, down 20.21 points or 0.22%
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Crude oil (CL=F): $63.56 per barrel, up $0.51 or 0.81%
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Gold (GC=F): $1,574.90 per ounce, up $22.50 or 1.45%
Commodities continue to be in focus, as crude oil and gold surge amid heightened tensions in the Middle East. Brent crude rose above $70 per barrel for the first time since September, and gold hit six-year highs as investors continue to flock toward safe-haven assets.
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8 a.m. ET: Stock futures sink; Oil and gold surge
Traders work at the New York Stock Exchange (NYSE) in New York, U.S., January 2, 2020. REUTERS/Bryan R Smith
Fallout from the U.S. strike on Iran continues to boil markets and unnerve investors in early Monday trading. Stock futures indicate a broadly lower open on Wall Street, carrying over losses in Asia and Europe but driving up safe-haven assets like bullion.
Here were the main pre-market moves, as of 8 a.m. ET:
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S&P futures (ES=F): 3,221.50, down 14 points or 0.43%
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Dow futures (YM=F): 28,469, down 133 points or 0.47%
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Nasdaq futures (NQ=F): 8,774.25, down 47.50 points or 0.54%
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Crude oil (CL=F): $63.64 per barrel, up $0.59 or 0.94%
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Gold (GC=F): $1,549 per ounce, up $26.10 or 1.68%
Analysts, however, point out that the pressure on markets from geopolitics tends to be fleeting. As Bleakley Advisory’s Pete Boockvar points out a morning research note:
I don’t want to downplay the importance of the current geopolitical situation but most usually have a fleeting impact on the economy and markets. I understand the tinder box that the Middle East is but unless WTI breaks above $75, I think there will be little impact on economic activity.
Gold, which Boockvar pointed out is at its highest in nearly 7 years, is another story entirely:
I remain bullish but caution not to buy it on geopolitical concerns because as stated they are usually temporary. Buy it instead because the dollar continues to weaken and real yields continue to fall.
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