Nasdaq, S&P rise as House readies 2nd Trump impeachment
Intel shares rose 7% after naming a new CEO
Stocks flirted with record highs Wednesday but fell short as the House of Representatives prepared a second impeachment of President Trump.
The Dow Jones Industrial Average closed down 8 points, or 0.03%, while the S&P 500 advanced 0.23% and the Nasdaq Composite added 0.43%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37775.38 | +22.07 | +0.06% |
| SP500 | S&P 500 | 5011.12 | -11.09 | -0.22% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15601.498878 | -81.87 | -0.52% |
The mixed session came as Democrats in the U.S. House of Representatives readied their case for a second impeachment of President Trump, which was expected to pass mostly along party lines.
A Senate trial won't begin until at least Jan. 19, a day before President-elect Joe Biden's inauguration, when the upper chamber reconvenes, Republican Senate Majority Leader Mitch McConnell's office told Democratic Minority Leader Chuck Schumer, according to The Washington Post. McConnell said in a statement that he hasn't decide how he will vote.
In stocks, Intel CEO Bob Swan will step down on Feb. 15 and be replaced by VMWare Inc. executive Pat Gelsinger. Intel also said it expects fourth-quarter earnings and revenue to exceed previously issued guidance, helping send shares to their best day since April.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 35.04 | -0.64 | -1.79% |
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 145.73 | +0.97 | +0.67% |
Elsewhere, Johnson & Johnson is on track to submit its COVID-19 vaccine candidate for European Union approval in February, an EU lawmaker said.
Elsewhere, Target Corp. reported same-store sales rose 17.2% year-over-year in November and December as online sales more than doubled. The home goods and hardlines categories both saw growth in the low-20% range.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 166.58 | +2.11 | +1.28% |
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GameStop Corp. shares soared as much as 94% before pulling back amid what appeared to be a short-covering rally. Short interest in the stock had reached 138% of shares outstanding.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 10.31 | +0.01 | +0.10% |
In deals, Visa Inc. and financial technology company Plaid called off their $5.3 billion merger after the U.S. government filed an antitrust lawsuit to stop the transaction.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| V | VISA INC. | 271.36 | -1.26 | -0.46% |
Meanwhile, Exxon Mobil Corp. was upgraded to “buy” by J.P. Morgan, which said increased investor pressure and the plans to reduce capital spending are among the factors that will produce “more consistent results.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 118.52 | -0.11 | -0.09% |
| CVX | CHEVRON CORP. | 157.57 | +1.17 | +0.75% |
Looking at commodities, West Texas Intermediate crude oil fell 30 cents to $52.91 per barrel and gold climbed $10.70 to $1,853.60 an ounce.
In economic data, mortgage refinancing rose 20% from the prior week as Americans looked to lock in near-record-low rates.
Additionally, the consumer price index rose 0.4% month-over-month in December, in line with expectations and up from a 0.2% increase the month prior. Prices were up 1.4% annually.
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European markets were little changed with France’s CAC 40 up 0.21% and Britain’s FTSE 225 down 0.13%.
Asian markets ended mixed with Japan’s Nikkei 225 advancing 1.04% while Hong Kong’s Hang Seng index and China’s Shanghai Composite index slid 0.15% and 0.27%, respectively.