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4:03 p.m. ET: Stocks close at record highs
The Dow, Nasdaq, and S&P 500 closed at record highs, driven in part by record closes by Disney (DIS), Microsoft (MSFT), and JPMorgan Chase (JPM), according to a Yahoo Finance Analysis. Merck (MRK) also saw a boost, trading near record highs.
Here’s where markets settled at the end of regular equity trading Tuesday:
3:11 p.m. ET: SoulCycle CEO Melanie Whelan resigns
Melanie Whelan, CEO of private fitness company SoulCycle is resigning, effective Tuesday, the company told CNBC. The company did not say why.
“I’m deeply grateful for the opportunity to have led the SoulCycle team and brand over the past nearly eight years during a transformational time for this amazing community,” Whelan said in a statement to CNBC. “The future is bright for this one-of-a-kind organization and I will be cheering on its continued growth and success.”
1 p.m. ET: Federal prosecutors open criminal opioid probe, WSJ reports
The logo for Teva appears above a trading post on the floor of the New York Stock Exchange, Monday, Oct. 21, 2019. The nation's three dominant drug distributors and a big drugmaker have reached an over $200 million deal to settle a lawsuit related to the opioid crisis just as the first federal trial over the crisis was due to begin Monday. Drugmaker Teva would contribute $20 million in cash and $20 million worth of suboxone, a drug used to treat opioid addiction. (AP Photo/Richard Drew)
The Wall Street Journal is reporting that federal prosecutors have opened a criminal investigation into pharma companies, and whether they “intentionally allowed” the painkillers to flood communities. Key drugmakers like Teva (TEVA) and McKesson (MCK) are dropping on the news, while Johnson & Johnson (JNJ) is marginally lower.
“Federal prosecutors have opened a criminal investigation into whether pharmaceutical companies intentionally allowed opioid painkillers to flood communities, employing laws normally used to go after drug dealers, according to people familiar with the matter.
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12:20 p.m. ET: Stocks inch higher as Trump says a China trade deal is within reach
Stocks cling to modest gains in directionless, pre-holiday trade, supported by constructive housing and consumer data. President Donald Trump says that a U.S.-China mini deal is in its “final throes.” Investors, of course, have heard that before, and it remains to be seen whether the two sides can forge a consensus.
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11:35 a.m. ET: How much would you pay for a Thanksgiving dinner?
Apparently, one New York City steakhouse is expecting some to pony up $181,000 (yes, you read that correctly).
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10:15 a.m. ET: New home sales drop last month
Newly constructed single family homes are shown for sale in Encinitas, California, U.S., July 31, 2019. REUTERS/Mike Blake
Sales of new U.S. single-family homes dropped in October after a strong prior month, but the overall housing market remains supported by lower mortgage rates, according to Commerce Data.
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10:03 a.m. ET: No ‘happy ending’ for U.S.-China trade war
A small but growing contingent of market analysts believe tensions between U.S. and China are nearly intractable.
With that in mind, Kim Catechis of Martin Currie explains to Yahoo Finance why “we should not expect a happy ending, because I think structurally, both countries are now embarked on a confrontational approach, and that's not going to change.”
10:00 a.m. ET: Stocks edge up after consumer confidence
The Conference Board reports consumer confidence dipped in October to 125.5, vs a previous figure of 126, underscoring how people are still opening their wallets in the face of economic uncertainty. The Expectations Index – which is based on consumers’ short-term outlook for income and other factors – rose from 94.5 to 97.9 this month. Stocks get a boost, with the 3 major indices setting new highs.
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9:30 a.m. ET: Stocks flat in ‘melt-up,’ amid hopes of U.S.-China trade deal
Stocks were marginally changed at the opening bell, as the world’s two largest economies continued to hash out a ceasefire in the trade war. Despite trade tensions, Wall Street benchmarks set new records on Monday, in what some market watchers call a “melt-up” in stocks.
As the U.S. and China inch toward a deal, some analysts wonder if the market’s record highs might be alleviating pressure on President Donald Trump, who perceives his negotiating strategy as successful instead of prolonging uncertainty.
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9:00 a.m. ET: Home prices grew at their fastest rate in more than a year
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 3.2% annual gain in August, up from 3.1% in the previous month. The increase ends a 16-month deceleration in price growth.
