Stocks end mixed, 10-year Treasury yield nears 4%, Hurricane Ian hits oil
Dow, S&P 500 and Nasdaq hit with a fresh bout of volatility after the Dow closed in bear market Monday and as investors take in a bevy of economic data and rising bond yields. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLP | $68.24 | -1.19 | -1.71 |
| XLU | $68.89 | -1.14 | -1.63 |
| XLY | $146.38 | 0.29 | 0.20 |
| XLE | $69.72 | 0.97 | 1.42 |
U.S. stocks, in a volatile session, ended mixed with the Nasdaq Composite posting modest gains, while the Dow Jones Industrial Average and S&P 500 closed little changed. Consumer staples and utilities fell, while consumer discretionary and energy rose. The yield on the 10-year Treasury hit 3.963%, the highest since April 2010. In commodities, oil jumped over 2% to $78.50 per barrel as traders monitor fast approaching Hurricane Ian.
Sales of new single‐family houses jumped 28.8% in August compared to July, the Commerce Department reported.
The median new house price climbed 8% from the year-ago period to $436,800 — the slowest increase since November 2020.
This represents a supply of 8.1 months at the current sales rate.
All three of the major averages erased gains mid-afternoon as utilities, consumer staples and financials paced the selling. At the same time, the yield on the 10-year Treasury neared 4% further pressuring equities.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLU | $68.65 | -1.38 | -1.97 |
| XLP | $68.28 | -1.15 | -1.65 |
| XLF | $30.19 | -0.37 | -1.21 |
Celsius Network logo and representations of cryptocurrencies, June 13, 2022. (Reuters/Dado Ruvic)
The head of cryptocurrency lender Celsius Network has resigned in the middle of the firm’s bankruptcy proceedings.
Alex Mashinsky said: “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing."
Celsius filed for bankruptcy in July after freezing all customer account withdrawals in June.
A bankruptcy committee representing interests of unsecured creditors had called for Mashinsky’s resignation.
“The committee concluded that allowing Mr. Mashinsky to remain as CEO was unacceptable and not in the best interests of the estates, and that new executive leadership was required. The committee also concluded that any restructuring plan associated with Mr. Mashinsky would likely face significant challenges.”
| Symbol | Price | Change | %Change |
|---|---|---|---|
| HTZ | $15.82 | -0.69 | -4.18 |
| BP | $27.26 | -0.82 | -2.92 |
Hertz Global Holdings is partnering with oil and natural gas producer BP to install electric vehicle (EV) charging stations across North America to power its fleet of eco-friendly cars.
The fast-charging hubs will be available to Hertz customers, including taxi and ride-sharing drivers, as well as the general public.
BP has a global target of installing more than 100,000 chargers by 2030, with about 90% of those being rapid or ultra-fast chargers.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| LVWR | $9.00 | -0.39 | -4.14 |
| HOG | $36.78 | -0.34 | -0.92 |
Harley-Davidson electric motorcycle division is falling in its first day of trading. The motorcycle maker spun off its EV unit through a merger with special purpose acquisition company AEA-Bridges Impact in a transaction that values the combination at an enterprise value $1.77 billion.
The new entity, called LiveWire LV, began trading on the New York Stock Exchange under the ticker ‘LVWR’.
LiveWire is the first publicly traded EV motorcycle company in the U.S.
The transaction was financed by ABIC's $400 million cash held in trust, a $100 million investment from Harley-Davidson, and a $100 million investment from KYMCO, through a PIPE (private investment in public equity).
Shopper walks out of an Armani Exchange store, Jan. 21, 2022, in Miami Beach, Fla. (AP Photo/Marta Lavandier)
U.S. consumers grew more confident for the second month in a row as gas prices continued to fall.
The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August. The back-to-back monthly increases follow three straight monthly declines as American households were hammered by rising prices, particularly at the gas pump.
The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — also rose again, to 149.6 in September from 145.3 in August.
The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions — rose to 80.3 in September from 75.8 in August.
Analysts surveyed by data provider FactSet had expected consumer confidence to rise slightly as gas prices have fallen from highs this summer of more than $5 per gallon. AAA motor club says the average price for a gallon of gas in the U.S. fell to $3.75 on Tuesday.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| KMI | $16.66 | 0.57 | 3.52 |
Kinder Morgan has closed a $565 million sale of its stake in a liquified natural gas (LNG) facility in Georgia.
The energy infrastructure company sold half its equity interest in Elba Liquefaction Company to an undisclosed financial buyer.
Elba Liquefaction facility in Chatham County, Georgia includes 10 modular liquefaction units for a total capacity of approximately 2.5 million tonnes per year of LNG.
Kinder Morgan plans to use proceeds from the sale reduce short-term debt and create additional capacity for attractive investments, including opportunistic share repurchases.
Upon closing, KMI and the undisclosed financial buyer will each hold a 25.5% interest and Blackstone Credit will continue to hold a 49% interest in ELC.
Federal health officials are warning consumers that some ready-to-eat meat products from Behrmann Meat and Processing "may be adulterated with Listeria monocytogenes."
The meat was sold to retailers and wholesalers in Illinois, Kentucky and Missouri between July 7 and September 9.
Home prices appreciation slowed in July across the U.S., according to the latest results for the S&P CoreLogic Case-Shiller Indices.
Prices grew 15.8% at an annual rate in July, down from 18.1% in the previous month.
Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in July.
• Tampa led the way with a 31.8% year-over-year price increase,
• Miami in second with a 31.7% increase, and
• Dallas in third with a 24.7% increase.
All locations in the 20-City Composite reported lower price increases in the year ending July 2022 versus the year ending June 2022. The 20-City Composite posted a 16.1% year-over-year gain, down from 18.7% in the previous month.
Walmart store interiors
Walmart is teaming up with Kindbody who is now the fertility provider for its new Center of Excellence (COE) for family-building benefits.
“Providing access to high-quality health care is very important to us, and we’ve heard from our associates that improved access to fertility, surrogacy and adoption support is a priority for them and their families,” said Kim Lupo, senior vice president, Walmart Global Total Rewards.
Cracker Barrel Old Country Store (iStock)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| CBRL | $101.54 | 3.75 | 3.83 |
Cracker Barrel Old Country Store Inc. on Tuesday reported fiscal fourth-quarter profit of $33.4 million.
The Lebanon, Tennessee-based company said it had profit of $1.47 per share. Earnings, adjusted for amortization costs, came to $1.57 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The restaurant operator posted revenue of $830.4 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $844.4 million.
For the year, the company reported profit of $131.9 million, or $5.67 per share. Revenue was reported as $3.27 billion.
Cracker Barrel shares have fallen 24% since the beginning of the year.
Investors dipped back into U.S. stocks after the Dow Jones Industrial Average fell into a bear market Monday as the S&P and Nasdaq Composite hit lowest levels since 2020. In commodities, oil rose over 2% approaching the $78 per barrel level as Hurricane Ian threatens to disrupt production.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,618.84 | 358.03 | 1.22 |
| SP500 | $3,713.09 | 58.05 | 1.59 |
| I:COMP | $11,028.49 | 225.57 | 2.09 |
Factory, big ticket industrial items
Durable goods orders fell 0.2%, less than economists had predicted, while core capital goods orders jumped much more than expected rising 1.3%.
Orders fell 0.2% to $272.7 billion, following a drop of 0.1% in July, the Census Bureau said. Excluding transportation, new orders increased 0.2 percent. Excluding defense, new orders decreased 0.9%. Transportation equipment, also down two consecutive months, drove the decrease, $1.0 billion or 1.1% to $92.0 billion.
Shipments of manufactured durable goods continued their upward climb, up 0.7% to $272.1 billion. The gain follows a 0.2% increase in July.
Shipments have risen for fifteen of the last sixteen months. Transportation equipment, up ten of the last eleven months, led the increase, $1.7 billion or 1.9 percent to $88.0 billion.
American families are expected to face a uptick in rising heating bills this winter by oover 17% with costs for home heating oil and natural gas seeing even bigger hikes
.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $29,260.81 | -,329.60 | -1.11 |
U.S. stocks are attempting to stabilize after the Dow Jones Industrial Average closed in bear market territory, down 20% from its January peak, as investors assess the likelihood of a deeper recession.
Investors will digest four pieces of data Tuesday: consumer confidence, home prices, new single-family home sales and durable goods orders.
The Dow Jones Industrial Average closed in a bear market Monday, down 20% from its record high in January.
Live updates from Monday's market action can be found here.
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