Dow Falls After Record, Trump Talks Tariffs on Day One | Live Stock
Good morning, traders. Happy Tuesday, November 26th. The Dow closed at a high yesterday, and the S&P 500 hit a trading record.
You will not make it through today without the news and animal spirits moving markets. My name is Kevin Travers, here is what's live:
$Amgen (AMGN.US)$ investors tightened their belts and shaved 11% of the stock price Tuesday after the firm said in a press release their Phase 2 study of MariTide showed patients lost 20% of their body weight in one year. Investors had hoped for more, according to MT Newswires. It was the lowest decliner on the S&P 500, and Dow.
$JM Smucker (SJM.US)$ meanwhile led the S&P 500 in percentage gain, up 8% after the peanut butter maker reported quarterly earnings of $2.76/share, 9% over estimates.
$Kohl's Corp (KSS.US)$ fell 20% Tuesday after the retailer missed third-quarter earnings and revenue targets and slashed its guidance. CEO Tom Kingsbury said the firm was disappointed sales missed guidance, a day after he announced he would step down in January.
$Best Buy (BBY.US)$ also fell after reporting earnings Tuesday morning, down 7%, and one of the worst-performing stocks on the S&P 500 after missing sales and EPS estimates.
$Crude Oil Futures(JAN5) (CLmain.US)$ remained at $69/barrel.
$Bitcoin (BTC.CC)$ hovered at $93k after nearly hitting 100k Friday. Gold fell, while the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
The market was trying to climb Tuesday morning, but the Dow held back despite the 1% climb of multiple of its heavy hitters, like $Apple (AAPL.US)$ and $NVIDIA (NVDA.US)$.
Just past 10:45 am ET, the $S&P 500 Index (.SPX.US)$ climbed 0.27%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.61%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.58%.
In macro, all eyes are on Wednesday's PCE release. On Tuesday, building permit numbers came in right as expected, with 1.410M new permits. Later today, watch for the FOMC meeting minutes from the Nov. 6th Rate cut decision.
Overnight, incoming President-Elect Trump said he would put a 25% tariff on our neighbors in Canada and Mexico and 35% on Chinese goods, our three largest trading partners.
Based on simple math using data from the Census Bureau, that represents price hikes on the goods on 41% of the U.S.'s total imports, or $1.6T trade so far in 2024. A blanket 25% tariff would amount to $409B this year.
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Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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