Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average I:DJI closed higher on Thursday, logging a second day of gains even as tech shares continued to lag.
- The U.S. added 163,000 private jobs in August, below estimates of 190,000, according to the ADP National Employment Report.
- Lands' End Inc. (LE) - Get Report fell 13% after it reported a quarterly loss wider than a year earlier and same-store sales fell 5.8%.
Wall Street Overview
Stocks were mixed on Thursday, Sept. 6, as investors braced for another potentially damaging escalation in the ongoing trade war between the U.S. and China.
Investors were eyeing developments in the U.S.-China trade war as the public comment period on the impact of fresh tariffs on $200 billion worth of China-made goods concludes later Thursday. That will allow President Trump to apply the tariffs whenever he sees fit.
"We've done very well in negotiations with China but we're not prepared to make the deal that they'd like to make," Trump told reporters Wednesday in Washington. "We'll continue to talk to China. I have great respect for President Xi. But right now we just can't make that deal."
In economic news, the U.S. added 163,000 jobs in August, according to the ADP National Employment Report. Economists had expected private payrolls to rise by 190,000 last month.
The Labor Department said Thursday that nonfarm productivity in the second quarter rose at an unrevised annualized rate of 2.9%, the strongest pace in more than three years.
Shares of Facebook Inc. (FB) - Get Report fell 2.8% and Twitter Inc. (TWTR) - Get Report fell 5.8% after the stocks got slammed during the previous session as senior executives from the social media companies, including Twitter CEO Jack Dorsey, faced tough questions from lawmakers on the Senate Intelligence Committee over their role in preventing malign influences on the U.S. election process.
The board of CBS Corp. (CBS) - Get Report has entered settlement talks with CEO Les Moonves that would result in his departure from the company and the appointment of Operating Chief Joe Ianniello as the interim CEO, CNBC reported, citing people close to the negotiations.
CBS shares rose 3%.
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Lands' End Inc. (LE) - Get Report fell 13% on Thursday after the clothing maker reported a fiscal second-quarter loss of 16 cents a share, wider than a year earlier. Revenue in the quarter rose 1.9% to $307.9 million, but same-store sales declined 5.8%.
Clothing company G-III Apparel Group Ltd. (GIII) - Get Report rose 4% after it reported a second-quarter adjusted profit of 22 cents a share, well ahead of estimates, and a reversal from a year-earlier loss.
Navistar International Corp. (NAV) - Get Report posted better-than-expected fiscal third-quarter earnings and the truck and engine maker boosted revenue outlook for the fiscal year. The stock fell 8%.
Book seller Barnes & Noble Inc. (BKS) - Get Report tumbled 9% after reporting a fiscal first-quarter loss wider than a year earlier and a sales drop to $794.8 million from $853.3 million in the same period last year. Same-store sales in the quarter fell 8%.
The Justice Department is preparing to approve two mega healthcare deals: CVS Health Corp.'s (CVS) - Get Report planned acquisition of health insurer Aetna Inc. (AET) , and Cigna Corp.'s (CI) - Get Report planned purchase of Express Scripts Holding Co. (ESRX) . The Wall Street Journal, citing people familiar with the matter, said both deals could receive formal antitrust approval as soon as the next few weeks.
The investigation is in its early stages, the people said, and is focused on whether AMEx's foreign-exchange international payments department misrepresented pricing to clients in order to win their business. AmEx fell 0.1%.
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