Key Advisors Group, LLC co-owner Eddie Ghabour discusses the market and inflation.
U.S. stocks ended Thursday’s session lower as investors took in mixed bank earnings as well as Elon Musk’s offer to take Twitter private.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34451.23 | -113.36 | -0.33% |
| SP500 | S&P 500 | 4392.59 | -54.00 | -1.21% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13351.078927 | -292.51 | -2.14% |
For the week, as financial markets are closed for Good Friday, all three of the major averages registered losses.
Fred DeMarco, right, works with fellow traders on the floor of the New York Stock Exchange, Friday, Feb. 2, 2018. Technology companies were leading stocks broadly lower in early trading, extending the market’s slide into a second day. (AP Photo/Richard Drew)
Twitter gave up gains after Tesla CEO Elon Musk offered to take the company private in a deal valued north of $40 billion. He noted the offer is his best and final. Twitter’s board is meeting today to review the deal.
In a TED Talk, Musk insisted he has the funds to finance the deal, and if Twitter does not accept it, he said he has another plan without being specific. Meanwhile, the Wall Street Journal reported the social media giant may use a poison pill strategy, a method to fend off unwanted takeovers, in an effort to defeat Musk.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 45.08 | -0.77 | -1.68% |
Tesla, of which Musk is CEO, saw its shares slide as investors weighed how his battle for Twitter may impact the automaker.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 985.00 | -37.37 | -3.66% |
Wells Fargo shares slipped after both profit and revenue fell from the same period a year ago. The bank’s revenues were $17.6 billion vs. $18.5 billion, while profits $0.88 vs. $1.02 a year ago.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 46.33 | -2.24 | -4.61% |
Goldman Sachs gave back gains after profit and revenue exceeded Wall Street estimates even though results were lower than a year ago. A similar story unfolded at Morgan Stanley, whose shares closed higher.
JPMORGAN PROFIT FALLS 42% ON SLOWDOWN IN DEALS, TRADING
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 321.45 | -0.94 | -0.29% |
| MS | MORGAN STANLEY | 84.79 | +0.58 | +0.69% |
Oil gained for the shortened trading week about 8%, with U.S. crude closing at $106.95 per barrel and Brent at $111.70.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 79.57 | +1.15 | +1.47% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 31.70 | +0.69 | +2.23% |
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In economic data new claims for unemployment benefits rose to 185,000 up from 167,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, slipped to 1.475 million.
Retail sales for March rose 0.5% month-over-month, excluding autos sales ticked up 1.1%. For the year, sales surged 6.9%.
WHOLESALE PRICES SURGE 11.2% IN MARCH, HIGHEST LEVEL ON RECORD
Prices of imported goods rose 2.6% month-over-month, the biggest increase in 11 years. Export prices jumped 4.5%,
The University of Michigan consumer sentiment for April inched up to a reading of 65.7 above 59.4 in March, the highest since January.
Bitcoin bounced around before slipping back below the $40,000 level.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.