Toews Asset Management CEO Phil Toews shares insight on investing amid moving markets.
U.S. stock indexes inched higher Friday as investors remained cautious over the timeline of the Federal Reserve’s plans to taper its asset purchases and as oil remains under pressure.
The Dow Jones Industrial Average rose over 60 points, or 0.15%, while the S&P 500 index and the Nasdaq Composite index gained 0.29% and 0.20%, respectively. Still, all three benchmarks are on pace for weekly declines.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35024.03 | +129.91 | +0.37% |
| SP500 | S&P 500 | 4424.88 | +19.08 | +0.43% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14627.0016 | +85.21 | +0.59% |
Minutes from the most recent Fed meeting released earlier this week showed the central bank was considering tapering its asset purchases later this year, although no firm date has been set. Next week’s Jackson Hole Symposium could provide clues as to when the taper will begin.
In stocks, Deere & Co. beat on both the top and bottom lines and raised its full-year earnings forecast as customers looked to upgrade farm machine and construction equipment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DE | DEERE & CO. | 359.94 | +0.94 | +0.26% |
Discount retailer Ross Stores Inc. posted strong quarterly results, but its profit forecast for the current quarter was well below analyst expectations due to rising freight and supply chain costs and ongoing COVID-19 expenses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ROST | ROSS STORES, INC. | 119.69 | -6.89 | -5.45% |
| FL | FOOT LOCKER, INC. | 58.45 | +4.02 | +7.38% |
Foot Locker Inc. reported same-store sales that blew past Wall Street estimates amid strong demand for women’s and children’s footwear.
In deals, Adobe Inc. said it would buy Frame.io, a media collaboration platform, for $1.27 billion in cash.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADBE | ADOBE, INC. | 642.24 | +4.58 | +0.72% |
Elsewhere, Johnson & Johnson CEO Alex Gorsky announced he will early shift to the role of executive chairman early next year. He will be replaced by Joaquin Duato, a longtime deputy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 179.25 | +0.75 | +0.42% |
Coinbase Global Inc. has received approval from its board of directors to buy $500 million in cryptocurrencies, according to CEO Brian Armstrong.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL, INC. | 256.38 | +8.14 | +3.28% |
In commodities, West Texas Intermediate crude oil slid 59 cents to $62.91 a barrel and gold edged up $1 to $1,784.10 an ounce.
Overseas markets remained under pressure.
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In Europe, Germany’s DAX 30 lost 0.21%, France’s CAC 40 decline 0.05% and Britain’s FTSE 100 slipped 0.03%.
Hong Kong’s Hang Seng index tumbled 1.84%, entering a bear market, while China’s Shanghai Composite index and Japan’s Nikkei 225 dropped 1.1% and 0.98%, respectively.
