January 8, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
On Monday, investors were greeted with news that Chinese markets had halted trading due the CSI 300 index falling 7%. In addition, the Chinese Caixin manufacturing PMI for December came in at 48.2, contacting for the tenth straight month. U.S. markets fell sharply on the news, with the Dow Industrials closing down 276 points. Also on Monday, the ISM manufacturing index for December fell to 48.2. This was its lowest level since July, 2009. Numbers below 50 indicate contraction.
On Tuesday, motor vehicle sales for December fell 5% to an annualized rate of 17.3 million, and was below expectations.
On Wednesday, the ADP employment report increased by 46,000 to 257,000, much higher than expected. West Texas Intermediate crude dropped to $33.97 a barrel, its lowest close since December 2008. The Fed released the minutes of its last meeting, which revealed that some participants still considered raising rates a close call, and reports broke that North Korea was testing a nuclear device. Overall, too much uncertainty surrounded markets, and the Dow Industrials ended the day down 252 points.
On Thursday, investors found out that Chinese markets had once again been halted due to another 7% drop in the CSI 300 index. In addition the yuan dropped to its lowest level since 2011. Jobless claims for the week ending January 2nd were down 10,000 to 277,000. The Dow Industrials closed down 392 points, officially putting the index in correction territory, down more than 10% from its 52-week high.
On Friday, nonfarm payrolls for December was 292,000, up 40,000 from the previous month and way higher than expectations. The unemployment rate remained unchanged at 5%.
Now let’s take a look at some stocks.
Shares of Netflix (NASDAQ: NFLX) jumped about 10% on Wednesday after the company revealed more information regarding their global expansion. Netflix has launched its services to more than 130 new countries, simultaneously bringing its Internet TV network around the world. Netflix is still not available in China however, though the company continues to explore options for providing service.
Facebook (NASDAQ: FB) revealed Oculus Rift, the highly anticipated virtual reality headset. The social media company announced that the headset is now available to pre-order and costs $599. The device will be delivered in the first half of 2016. Facebook’s stock rallied slightly after the announcement on Wednesday afternoon.
Chipotle (NYSE: CMG) shares continue to slide with more bad news revealed. On Wednesday the restaurant chain said that sales at restaurants which are open at least a year slid 30% in December and fell 14.6% during the fourth quarter. In addition, Chipotle also announced that a criminal investigation is being conducted over a norovirus outbreak that occurred last August.
Big retailers defied the global market sell-off on Thursday after store chains reported unexpected holiday sales growth. Shares of Wal-Mart (NYSE: WMT) , Macy’s Inc. (NYSE: M) and J. C. Penney (NYSE: JCP) Company all jumped more than 2%.The extra strength in holiday sales for retailers is probably due to cheap $2 a gallon gas prices, which are helping to increase consumer spending.
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