Former White House National Economic Council chief economist Joseph Lavorgna predicts a ‘sharp’ cyclical downturn in the new year.
U.S. stocks drifted Wednesday after economic growth in the third quarter rose just 2.3% compared to 6.7% in the prior quarter. Rising COVID-19 cases were blamed for the slowdown, as noted by the Commerce Department.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35651.57 | +158.87 | +0.45% |
| SP500 | S&P 500 | 4677.58 | +28.35 | +0.61% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15434.256632 | +93.17 | +0.61% |
The Dow Jones Industrial Average hugged the flat line after a 560 point advance on Tuesday while the S&P 500 and Nasdaq Composite were little changed. This after equities broke a three-session losing streak.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 51.73 | +0.14 | +0.27% |
While 3Q GDP was revised higher to 2.3% from 2.1% helped by consumer spending, a resurgence of COVID-19 cases remain a headwind for economic growth.
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Oil was marginally higher holding at the $71 per barrel level.
Vaccine makers continue to attract investor interest as rising cases of COVID-19 get reported and as Americans seek booster shots. Additionally, the Food and Drug Administration may green light Pfizer and Merck’s COVID-19 pills this week, according to Bloomberg.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 254.66 | -13.48 | -5.03% |
| PFE | PFIZER INC. | 59.34 | +0.39 | +0.65% |
| BNTX | BIONTECH SE | 262.19 | -9.27 | -3.41% |
| MRK | MERCK & CO. INC. | 76.27 | +0.71 | +0.95% |
Tesla shares were higher after CEO Elon Musk signaled his year-end stock selling spree is over, for now, according to an interview he gave to the Babylon Bee.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 994.50 | +55.97 | +5.96% |
In earnings, BlackBerry shares slipped even though it reported better than expected quarterly results. Through Tuesday, the shares have gained 39%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BB | BLACKBERRY LTD. | 8.85 | -0.40 | -4.32% |
Apparel maker Naked Brand is active as it begins trading post a 1-for-15 split-adjusted basis.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKBD | n.a. | n.a. | n.a. | n.a. |
US PENDING HOME SALES UNEXPECTEDLY FALL IN SEPTEMBER
In other economic reports., existing home sales for the month of November rose 1.9% to a seasonally adjusted annual rate of 6.46 million units. Slightly below estimates.
However, consumer confidence jumped to a reading of 115.8, ahead of November’s 109.5 read.
MAERSK STRIKES DEAL TO BUY LF LOGISTICS FOR $3.6 BLN
In global deals, AP Moeller-Maersk AS said it has agreed to buy LF Logistics Holdings Ltd. in an all-cash deal. The Danish shipping company said it would acquire 100% of the private, Asia-Pacific-based logistics company for an enterprise value of $3.6 billion.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.