Here Are 3 Hot Things to Know About Stocks Right Now
Stocks finished mixed Monday, shedding earlier gains, as investors confronted concerns about lagging global growth, rising oil prices and the status of trade negotiations between the U.S. and China.
- The Dow Jones Industrial Average finished moderately higher Monday amid concerns about rising oil prices, trade negotiations and global growth worries, particularly in the eurozone.
- Netflix (NFLX) - Get Netflix, Inc. Report shares fell after the online streaming and production company lost its place as overall winner in this year's Emmy Awards. Netflix is Real Money's Stock of the Day.
U.S. Steel (X) - Get United States Steel Corporation Report rose even after analysts at J.P. Morgan cut their price target on the stock following last week's profit warning the steelmaker linked to weakening global demand.
Wall Street Overview
The Dow Jones Industrial Average finished up 15 points, or 0.06%, to 26,949, the S&P 500 slipped 0.01% and the Nasdaq fell 0.06%.
Trade remains a key issue, following terse statements of "constructive progress" from officials in Washington and Beijing after two days of talks near the White House last week were punctuated by an 11th-hour cancellation of a visit to some U.S. agricultural regions by the Chinese trade delegation.
High level talks -- which are expected to included Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin -- are still scheduled for October, but investors seemed to indicate little enthusiasm for a near-term agreement.
Germany's powerful manufacturing economy slowed to levels last seen during the global financial crisis this month, according to private data published Monday, cementing the case for recession in Europe's biggest economy.
The initial reading of U.S. manufacturing Purchasing Managers' Index for September reached 51.0 in September, the highest since April and up from 50.3 in August. Readings above 50 indicate an expansion. The final reading will be out Oct. 1.
"Subdued business activity growth reflected a continued soft patch for client demand during September, with some survey respondents linked to less favorable underlying economic conditions," IHS Markit said. "Moreover, the rate of private sector new business growth was the weakest since the series began in October 2009."
Netflix (NFLX) - Get Netflix, Inc. Report shares fell 1.8% to $265.92 after the online streaming and production company lost its place as overall winner in this year's Emmy Awards as larger media and tech companies continue to challenge its market dominance. Netflix is Real Money's Stock of the Day.
Shares of U.S. Steel (X) - Get United States Steel Corporation Report rose 2.13% to $11.04 even though analysts at J.P. Morgan cut their price target on the stock following last week's profit warning the group linked to weakening global demand. JPMorgan also downgraded other steel companies, include AK Steel (AKS) - Get AK Steel Holding Corporation Report , which received a double downgrade to underweight. Shares were down nearly 1% to $2.41.
Overstock.com (OSTK) - Get Overstock.com, Inc. Report shares tumbled 25.3% to $11.19 after the online retailer revised its guidance lower. The company also named interim CEO Jonathan Johnson as its permanent chief, about four weeks after former CEO Patrick Byrne stepped down.
In energy news, the Pentagon is reportedly set to deploy U.S. troops into the Gulf region in order to protect Saudi Arabia following last week's attack on two Saudi oil facilities. U.S. officials have linked the attacks to Iran.
Saudi Aramco, meanwhile, is in emergency talks with contractors as it attempts a quick recovery from the attacks, The Wall Street Journal reported, and as it looks to stay on track with its forthcoming blockbuster initial public offering.
Brent crude contracts were up 24 cents to $63.44 a barrel, while West Texas Intermediate contracts, which are more tightly linked to U.S. gas prices, were up 38 cents to $58.47 a barrel.