Dow futures show 100-point bounce after 800-point plunge
Regular trading on Wall Street is closed in observance of a day of mourning for George H.W. Bush but stock-index electronic trading remains open
U.S. stock-index futures were showing modest gains early Wednesday, following ugly losses of at least 3% for the three main indexes in the previous session. Although, the market is closed as the nation mourns former President George H.W. Bush, who died Friday at 94, electronic trading of stock-index futures is still taking place.
How did the benchmarks fare?
Futures for the Dow Jones Industrial Average YMZ8, +0.44% were up 114 points, or 0.5%, at 25,160, those for the S&P 500 index ESZ8, +0.60% were up 16.30 points to reach 2,718, a gain of 0.6%, while the Nasdaq-100 NQZ8, +0.66% climbed 45 points, or 0.7%, at 6,848.25.
On Tuesday, the Dow DJIA, -3.10% sank 799.36 points, or 3.1%, to 25,027.07, while the S&P 500 index SPX, -3.24% dropped 90.31 points, or 3.2%, to 2,700.06. The Nasdaq Composite Index COMP, -3.80% tumbled 283.09 points, or 3.8%, to 7,158.43.
The financial and industrial sectors were the biggest losers while utilities were the sole gainer in the S&P 500. All three benchmarks had their worst day since Oct. 10.
What drove the market?
A session bereft of regular-session trading of bonds and stocks, may provide investors some respite after a combination of doubts surrounding the U.S.- China’s weekend trade moratorium at the G-20 summit and ominous developments in the bond market combined to shake investors’ mettle.
On Monday, the yield on five-year government debt slid below the yield on three-year debt, a phenomenon which has preceded previous recessions, and is a sign that investors are more confident about current than future economic growth as the Federal Reserve raises rates.
On Tuesday, a widely followed spread between the two-year yieldTMUBMUSD02Y, +0.00% and the 10-year rate TMUBMUSD10Y, +0.00%tightened to its narrowest in 11 years. This differential between the maturities is the most popular gauge of future economic growth. The 10-year yield falling below the two-year has predicted every recession since 1975.
Some analysts and investors believe that the severity of Tuesday’s decline, which took hold midday, demonstrated some signs of capitulation, where investors finally throw in the towel after attempting to withstand a nagging downturn.
What were analysts saying?
“A couple key points, as yesterday’s selloff caught many, including myself, off-guard. After a 6% move in six trading days higher for [S&P 500], we erased nearly half of this yesterday. The positives revolve around momentum being positively sloped on daily charts, DESPITE yesterday’s decline,” wrote Mark Newton independent analyst at Newton Advisors, in a Wednesday note.
“Additionally, we saw the first instance of some capitulation in volume with heavy volume on the downside vs upside which has been sorely lacking for months,” he wrote.
What data are in focus?
The Federal Reserve’s 12 districts saw modest to moderate growth from mid-October through late November, but Dallas and Philadelphia noted slower expansion, while St. Louis and Kansas City noted just slight growth, according to the Fed’s Beige Book report released Wednesday.
The AVENGERS 4 Trailer Premiere Pushed to Friday and the SPIDER-MAN: FAR FROM HOME Trailer Is Dropping Saturday
I got up at the butt-crack of dawn this morning hoping to be treated with a trailer to Avengers 4. Unfortunately, there was no trailer to be found.
Multiple sources confirmed that the trailer was supposed to drop today, but I found out this morning that the trailer has been pushed to Friday, December 7th. It’s said that Marvel decided to delay the release because of the funeral and National Day of Mourning that's being held for former President George H.W. Bush.
It’s also being reported by Collider that the first trailer for Spider-Man: Far From Home will drop this Saturday, December 8th during the Sony Panel at Comic-Con Experience in São Paulo, Brazil, and it will then make its way online shortly after.
It’s a big week for Marvel trailers! First Captain Marvel, then Avengers 4, and finally Spider-Man: Far From Home! We’ll just have to be a little more patient for the other two, but they’ll be here soon!
5.1 million pounds of beef added to recall due to salmonella
(CNN)JBS Tolleson Inc. is recalling more than 5.1 million pounds of raw beef products that may be tainted with salmonella, the US Department of Agriculture's Food Safety and Inspection Service said Tuesday.
DeAndre Nico had to stand on a stage last night and listen to his mentor Adam Levine basically throw him under the bus for another contestant, Reagan Strange, on Adam's team. It's hard to tell what was going through the singer's mind, but he handled it tactfully onstage, saying live on air that he was grateful for the opportunity that The Voice presented.
Now, he's spoken out about his experience during the latest season of The Voice,again taking a classy bent. Per the former contestant:
You can never take an L when you're operating from your heart. So even though I didn't win I still won! The experience on NBC's The Voice itself is a Win for me. I give all honor to God for giving me the exposure needed for my next steps in life. To my Family, Voice Family, and fans there's no way I can personally thank all of you, but know that I love you all entirely. All is well on my end.
Last night was a tumultuous night for The Voice Season 15 contestant DeAndre Nico. One week after he wowed audiences and fought for his life on the show, he found himself in the same position as America left him high and dry in the Bottom 3, with two contestants going home.
Given that Dave Fenley just had a nice enough song choice and Reagan Strange couldn't even perform, there was a chance that DeAndre Nico would scrape through again with his beautiful rendition of John Legend's "All of Me." Then Adam Levine started talking and barely had anything nice to say about Nico before he encouraged America to vote for Reagan because she was sick and unable to perform.
He 100% didn't say this, but Reagan Strange has had strong votes throughout the competition previously and it was a little surprising to me that she even ended up in the Bottom 3. She's really good and has the talent (and previously had the voting faction behind her) to potentially win The Voice. DeAndre Nico is also a very talented singer, but he had already been in the bottom the week previously and it came off like Adam Levine was cutting his losses by putting his full support behind Reagan when he opened his mouth.
The whole thing was extremely awkward to watch, especially because Adam Levine didn't really take the time to even say nice things about DeAndre Nico -- who did put in a really amazing performance -- before he launched into his spiel. At one point, Kelly Clarkson seemed to indicate to Nico that Levine was only trying to put some support behind the young female contestant who was home sick and unable to perform, but it still came off pretty badly on live TV.
A different contestant may have been bitter or at the least emotional onstage given what happened, but DeAndre Nico kept his feelings in check during the episode. Now, he still seems to be choosing to think positively about his experience, despite what happened during last night's episode. After all, he's not the first contestant to have talent but whose time on a popular competition series was cut short. Nabbing votes is a fickle game and things don't always work out so that the most talented people stay on competition TV shows the longest. (Just look at what happened recently with Juan Pablo Di Pace on Dancing with the Stars.)
All in all, it's hard to tell if DeAndre Nico would have made it through another week, even if Adam Levine had thrown out all of the nice things he could possibly think of in the moment in regards to his experience with the contestant over the past several weeks. DeAndre Nico also revealed on Instagram that he knows losing on the show doesn't mean the end for his career, as well.
My journey continues, now y'all get DeAndre Nico himself. There's work to be done... Stay Tuned.
Adam Levine even pointed this out as his parting words at the end of the episode, noting,
Unfortunately, even that practical advice can't erase the cringeworthy moment from earlier in the night, at least in the mind of the public, who will be missing DeAndre Nico and Dave Fenley when it returns to the schedule next week. Only time will tell if Adam Levine made the right choice defending Reagan Strange. She's his sole hope in the competition left this season and after throwing Nico under the bus, he'll be putting all of his efforts and interest into the popular contestant. She faces some strong competition from Kelly, Blake and Jennifer Hudson's teams, however, so if you like Reagan Strange, you need to vote for her as Adam Levine encouraged you to.
Tune in for new and emotional episodes of The Voice on Monday and Tuesday nights on NBC.