B2 0 N THE NEW YORK TIMES BUSINESSTHURSDAY, SEPTEMBER 19, 2019
Months36 2510 30
Years240250260270’16 ’18400500600700 thousand’16 ’1890100110120130’16 ’18345%’16 ’180246$8 a bushel’10 ’12 ’14 ’16 ’18050$100 a barrel’10 ’12 ’14 ’16 ’180123456%’10 ’15 ’1990100110120’14 ’15 ’16 ’17 ’18 ’191.01.11.21.3$1.4’14 ’15 ’16 ’17 ’18 ’190123%0123%’18 ’19+1.5+1.0+0.50.0–0.5–1.0–1.5–2.0Real estate %
Utilities
Materials
Consumer discretionary
Consumer staples
Technology
Communication services
Health care
Financials
Industrials
Energy+1.4
+0.9
+0.7
+0.6
+0.5
+0.3
+0.3
+0.1
+0.1
–0.0
–1.5- Vanguard 500 Index Admiral(VFIAX) +5.6% +10.6% $290.7
- Vanguard Total Stock Mkt Idx Adm(VTSAX) +4.3 +10.2 230.9
- Fidelity 500 Index(FXAIX) +5.6 +10.6 202.6
- Vanguard Institutional Index Instl Pl(VIIIX) +5.6 +10.6 113.5
- F i d e l i t y C o n t r a f u n d ( F C N T X ) +1.7 +11.7 9 2. 9
- American Funds Growth Fund of Amer A(AGTHX) +1.4 +10.7 87.3
- Dodge & Cox Stock(DODGX) –0.6 +7.8 67.6
- American Funds Invmt Co of Amer A(AIVSX) +1.9 +8.0 59.5
- American Funds Washington Mutual A(AWSHX) +6.8 +9.7 58.9
- Vanguard PRIMECAP Adm(VPMA X) +0.4 +11.7 56.8
- AMD (AMD) $30.42 –1.8% $47.1
- GE (GE) 9.38 +0.2 40.3
- AT&T (T) 36.76 –1.1 38.1
- Freeport Mcmo (FCX) 10.36 –0.5 26.3
- Apple (AAPL) 222.77 +0.9 25.5
- Ford Motor (F) 9.25 –0.3 24.3
- M i c r o s o f t ( M S F T ) 1 3 8. 5 2 + 0. 8 24. 2
- FedEx (FDX) 150.91 –12.9 22.8
- Wells Fargo (WFC) 48.93 +0.4 20.5
- Pfizer (PFE) 36.38 –0.3 18.7
- Alexion Phar (ALXN) $102.98 –4.5%
- Noble Energy (NBL) 24.24 –3.4
- Fluor (FLR) 20.83 –3.3
- Dentsply Sir (XRAY) 49.86 –3.0
- Nektar (NKTR) 20.10 –2.9
- NetApp (NTAP) 54.93 –2.9
- Tractor Supp (TSCO) 93.55 –2.7
- MSCI (MSCI) 233.75 –2.7
- BorgWarner (BWA) 37.57 –2.5
- Netflix (NFLX) 291.56 –2.4
- Comerica (CMA) $66.92 +2.2%
- SVB Financia (SIVB) 217.85 +2.1
- Lennar (LEN) 54.15 +2.0
- Capri Holdin (CPRI) 32.29 +1.9
- Applied (AMAT) 52.09 +1.7
- Pinnacle West (PNW) 95.88 +1.6
- Illumina (ILMN) 303.01 +1.6
- Yum! Brands (YUM) 114.58 +1.6
- Progressive (PGR) 75.18 +1.6
- Agilent (A) 77.57 +1.5
+ 5%0%- 5%
–10%2,7002,8002,9003,0003,1003,200July Aug. Sept.+ 5%0%- 5%
–10%7,5008,0008,500July Aug. Sept.+ 5%0%- 5%
24,000 –10%25,00026,00027,00028,00029,000July Aug. Sept.3006.73 0.03% 8177.39 0.11% 27147.08 0.13%Shanghai +0.3%Tok yo – 0.2% Frankfurt +0.1%London –0.1%
Toronto – 0.2%New York +0.0%$1 = 108.45$1.1033 Unemployment RateNew-home salesConsumer confidenceIndustrial productionLarge capitalization stock fundsS&P 500 Nasdaq Composite Index Dow Jones industrialsBest performers Worst performers Most activeSector performanceBondsYield curveKey ratesBorrowing rateCrude oilCornSavings rateyen10-year Treas.YESTERDAY1-YE AR AGOFed Funds 2-year Treas.Currencies Consumer rates Commodities EconomyHow stock markets fared yesterday in Asia ... ... in Europe ... and in the Americas.CLOSES&P 500 SECTORSCLOSE CLOSE 1 YR 5 YRSTOTAL RETURNASSETSTOTAL
CHANGE CHANGE CHANGE IN MIL. IN BIL.VOLUMEPOWERED BY
What Happened in Stock Markets YesterdayWhat Is Happening in Other Markets and the Economy
Major stock market indexes6 p.m. E.T. 8 10 12 a.m. 2 4 6 a.m. 8 10 12 p.m. 2 4 6 p.m.Maturity1-year CDs30-year fixed mortgagesS&P 500 COMPANIES S&P 500 COMPANIES S&P 500 COMPANIESSource: Morningstar1 euro =The Digest
Major stock indexes closed
mostly higher on Wednesday af-
ter the Federal Reserve cut its
benchmark interest rate for a sec-
ond time this year, citing slowing
global economic growth and un-
certainty over trade conflicts.Gains in banks, utilities and
technology companies out-
weighed losses elsewhere in the
market, which had been broadly
lower until the last hour of trading.
Bond yields moved lower.
Stocks initially declined after
the central bank announced the
widely expected rate cut. Its pol-
icy statement failed to indicate
whether more rate cuts were
likely this year, though the central
bank left the door open for addi-
tional cuts.
Diverging opinions within the
members of the Fed’s policymak-
ing committee left some investors
feeling uneasy about what the Fed
may do next. “The quantity and
necessity of future rate cuts were
called into question,” Sam Stovall,
chief investment strategist at
CFRA, wrote in a research note.
The S&P 500 index inched 1.03
points higher, or less than 0.1 per-
cent, to 3,006.73. The benchmark
index is now within 0.7 percent of
its all-time high set in July.
The Dow Jones industrial aver-
age rebounded after being down
most of the day, adding 36.28
points, or 0.1 percent, to 27,147.08.
The Nasdaq slid 8.62 points, or 0.1
percent, to 8,177.39.
The Russell 2000 index of small-
er company stocks bore the brunt
of the selling, dropping 9.95
points, or 0.6 percent, to 1,568.34.
The Fed is trying to combat
threats to the United States econ-
omy, including uncertainties
caused by President Trump’s
trade war with China, slower
global growth and a slump in
American manufacturing.
Investors largely expected the
Fed to cut short-term interest
rates by another quarter of a per-
centage point, after a similar cut
in late July. The rate, which is now
at a range of 1.75 percent to 2 per-
cent, influences many consumer
and business loans.
The broader market has beenwobbling this week and is so far on
track for a slight weekly loss after
three consecutive weeks of gains.
Those gains came as both sides in
the United States-China trade war
took steps to ease tensions ahead
before negotiations in October.
But the volatility has been tak-
ing its toll. The S&P 500 is eking
modest gains of 2.2 percent for the
quarter with just a few weeks left.
That marks a pullback from gains
of 3.8 percent in the second quar-
ter and a notable deceleration
from the 13.1 percent rise during
the first quarter.
Bond prices rose, and the yield
on the 10-year Treasury fell to 1.80
percent from 1.81 percent lateTuesday. Investors typically shift
money into bonds when they grow
more concerned about the econo-
my’s health.
Financial stocks recovered
from an early slide. JPMorgan
gained 1 percent, and Citigroup
rose 0.9 percent.
A disappointing drop in quar-
terly profit weighed on FedEx
shares, which tumbled 12.9 per-
cent, making it the biggest de-
cliner in the S&P 500. FedEx also
cut its full-year forecast.
Adobe fell 1.8 percent after a
weak profit forecast.
Chewy, the online pet store, slid
6.1 percent to $28.39. Its loss in its
fiscal second quarter was much
wider than Wall Street had ex-
pected. The company debuted on
the New York Stock Exchange in
June at $22 per share and closed
at $34.99 on its first day.
Major stock indexes in Europe
closed mostly higher. Asian stocks
ended mixed.
Oil prices continued pulling
back from a 14 percent spike on
Monday as Saudi Arabia brought
back production at an oil facility
attacked over the weekend.
Benchmark United States crude
fell $1.23 to settle at $58.11 per bar-
rel. Brent crude, the international
standard, dropped 95 cents to
close at $63.60.
Gold rose $2.40 to $1,507.50 per
ounce. The dollar rose to 108.45
Japanese yen from 108.20 yen on
Tuesday. The euro weakened to
$1.1033 from $1.1066.Shares Rebound, Mostly, Amid Fed Cut
By The Associated PressThe S&P 500 Index
Position of the S&P 500 index at 1-minute intervals on Wednesday.Source: Refinitiv THE NEW YORK TIMES3,01010 a.m. Noon 2 p.m. 4 p.m.3,0002,9902,980Previous close
3,005.7001.21.6 millionTHE NEW YORK TIMESSource: Commerce
Department0.40.81,364,000
1,419,000Starts
PermitsAUGUST’18 ’19Housing Construction
New private housing starts and
permits authorized during the
month, at a seasonally adjusted
annual pace.STOCKS & BONDS10-YEAR TREASURY YIELD1.80%
–0.01%CRUDE OIL (U.S.)$58.11
–$1.23S&P 500 INDEX+0.03%
3,006.73DOW JONES INDUSTRIALS+0.13%
27,147.08NASDAQ COMPOSITE INDEX–0.11%
8,177.39GOLD (N.Y.)$1,507.50
+$2.40ADVERTISING
Major Networks Pull Ads
For E-Cigarette Brands
As health concerns mount over
the rise in teenage vaping, CNN,
CBS and Viacom are ending ad-
vertisements by e-cigarette com-
panies.
The parent company of CNN,
WarnerMedia, said on Wednes-
day that it was removing the ads
in response to recent health warn-
ings from authorities, including
the American Lung Association
and the Centers for Disease Con-
trol and Prevention.
“We will continue to monitor
the investigations by relevant
medical agencies and may re-
evaluate our position as new facts
come to light,” said Jennifer Toner,
a company spokeswoman.
A spokesman for CBS said
Wednesday the network would
also no longer accept the adver-
tisements. Viacom — which owns
the MTV, Nickelodeon and BET
networks — took the same stance.
Juul, the most popular e-ciga-
rette company in the United
States, did not respond to a re-
quest for comment. Last week, af-
ter the Trump administration said
it would ban the sale of most fla-
vored e-cigarettes, Juul said it
strongly agreed “with the need for
aggressive category-wide action
on flavored products.”
The decision by several major
networks to pull the ads, reported
earlier by CNBC, reflected the
way parents, doctors and govern-
ment officials are increasingly
treating e-cigarettes as danger-
ous and addictive products.
DAVID YAFFE-BELLANYAUTOMOBILES
GM Cites Parts Shortage
For Layoffs in Canada
The strike against General Mo-
tors in the United States has led to
a parts shortage, the automaker
said on Wednesday, and as a result
it announced the temporary lay-
offs of 1,200 workers at its Oshawa
assembly plant in Canada.
The plant, which makes the
Chevy Silverado and GMC Sierra
pickup trucks, ran out of parts on
Tuesday.
The layoff announcement came
three days after about 48,000
hourly workers went on strike.
Contract talks began early on
Wednesday and were continuing
into the evening aimed at reach-
ing a deal, but no agreement was
expected immediately.
“We anticipated there would be
an impact because of the strike,”
said David Paterson, a spokes-
man for General Motors in Cana-
da. REUTERSAVIATION
British Airways Pilots
Call Off 24-Hour Strike
British Airways pilots have called
off a planned 24-hour strike in
their dispute with the airline over
pay.
Members of the British Airline
Pilots’ Association were due to
walk out on Sept. 27.
The union said Wednesday that
a 48-hour strike earlier this month
had demonstrated the “anger and
resolve of pilots.” But general sec-
retary Brian Strutton said “now is
the time for cool heads and prag-
matism.”
The first strike forced the air-
line to cancel almost all its flights
for 48 hours, affecting almost
200,000 travelers.
The airline offered pilots an 11.5
percent pay raise over three
years, but differences remain over
pilots’ demand for a bigger share
of the company’s profits.
ASSOCIATED PRESSJOE WHITE/REUTERS