U.S. Stocks Decline Before Fed Amid Earnings Reports, Economic Data

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U.S. stocks declined amid mixed earnings reports and data that renewed concern on the strength of the global economy as the Federal Reserve began a two-day monetary policy meeting.

A rally in equities has tapped the brakes as investors await the latest from the Fed. Policy makers kept interest rates near zero last month, opting to hold off for a better read on the impact of weaker growth in China and lackluster inflation. Central bankers in Europe and China last week signaled commitment to bolstering their economies, which helped the Standard & Poor’s 500 Index erase a loss for the year.

The S&P 500 fell 0.3 percent to 2,065.98 at 4 p.m. in New York, after briefly slipping below its average price during the past 200 days.

International Business Machines Corp. fell 4.4 percent to a five-year low. The company disclosed today that regulators are investigating its accounting treatment of certain transactions in the U.S., the U.K. and Ireland.

Some 43 S&P 500 companies report earnings today, with analysts projecting profits for index members dropped 6.1 percent in the third quarter. Of the companies that have released results this season, 74 percent have exceeded profit projections, while 57 percent missed sales estimates.

Source : Bloomberg

Europe Stocks Fall for a Second Day as Earnings Miss, Oil Drops

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European stocks fell for a second day as some disappointing earnings reports cast doubt on the strength of the euro-area economic recovery, amid weak commodity and oil prices.

Total SA and Royal Dutch Shell Plc slid at least 1.9 percent, contributing the most to a drop in energy stocks. Novartis AG pulled health-care shares down, falling 1.6 percent after reporting profit that missed estimates and agreeing to pay $390 million to settle claims that it paid kickbacks to some U.S. pharmacies. Anglo American Plc was among the biggest mining decliners, falling 5.7 percent. BASF SE dragged chemical shares lower, losing 4.7 percent after cutting its targets for sales and profit this year.

The Stoxx Europe 600 Index slid 1.1 percent to 371.88 at the close of trading. Shares yesterday snapped a two-day rally, falling from a two-month high, amid speculation about the strength of economies in Europe, Asia and the U.S.

Source: Bloomberg

U.S. Stocks Fluctuate Before Fed Amid Earnings, Economic Data

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U.S. stocks fluctuated amid mixed earnings reports and data that renewed concern on the strength of the global economy as the Federal Reserve begins a two-day monetary policy meeting.

A rally in equities has tapped the brakes as investors await the latest from the Fed. Policy makers kept interest rates near zero last month, opting to hold off for a better read on the impact of weaker growth in China and lackluster inflation. Central bankers in Europe and China last week signaled commitment to bolstering their economies, which helped the Standard & Poor’s 500 Index erase a loss for the year.

The S&P 500 fell 0.4 percent to 2,063 at 12:39 p.m. in New York, and earlier dropped near its average price during the past 200 days. The Dow Jones Industrial Average slipped 35.01 points, or 0.2 percent, to 17,588.04. The Nasdaq Composite Index also declined 0.2 percent.

Source : Bloomberg

Oil ends at 2-month low dogged by demand worries

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Oil prices ended in the red on Monday with lingering concerns over a global supply glut and weakening demand pushing prices to their lowest settlement in roughly two months.

Natural-gas prices meanwhile, dropped for a fourth trading day in a row, losing nearly 10% for the session to hold ground at their lowest level since 2012.

December West Texas Intermediate crude fell by 62 cents, or 1.4%, to settle at $43.98 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Aug. 27, based on the most-active contracts, according to FactSet. December Brent crude on London’s ICE Futures exchange shed 45 cents, or 0.9%, to $47.54 a barrel.

Excess supplies have been weighing on oil prices since the summer of 2014. Oil prices have dropped by more than half since then, but the market is watching for signs of lower output.

Source: MarketWatch