The New York Times - USA (2020-10-17)

B2 Y THE NEW YORK TIMES BUSINESSSATURDAY, OCTOBER 17, 2020

Months

36 2510 30

Years

220

240

260

’16 ’18 ’20

400

600

800

1000 thousand

’16 ’18 ’20

80

100

120

’16 ’18 ’20

0

5

10%

’16 ’18 ’20

0

2

4

$6 a bushel

’12 ’14 ’16 ’18 ’20

0

50

$100 a barrel

’12 ’14 ’16 ’18 ’20

0

1

2

3

4

5

6%

’10 ’15 ’20

90

100

110

120

’15 ’16 ’17 ’18 ’19 ’20

1.0

1.1

$1.2

’15 ’16 ’17 ’18 ’19 ’20

0

1

2

3%

0

1

2

3%

’19 ’20

+2.0

+1.5

+1.0

+0.5

0.0

–0.5

–1.0

Utilities %

Health care

Industrials

Materials

Financials

Consumer staples

Communication services

Information technology

Real estate

Consumer discretionary

Energy

+1.1

+1.0

+0.7

+0.6

+0.1

+0.1

+0.0

–0.3

–0.4

–1.0

–2.3

1. Vanguard Total Bond Market Index Adm(VBTLX) +7.3% +4.1% $119.8


2. Dodge & Cox Income(DODIX) +8.3 +5.1 67.0


3. Fidelity US Bond Index(FXNAX) +7.3 +4.0 55.3


4. Metropolitan West Total Return Bd I(MWTIX) +8.3 +4.4 51.7


5. Fidelity Series Investment Grade Bond(FSIGX) +8.9 +5.0 35.6


6. Baird Aggregate Bond Inst(BAGIX) +8.2 +4.6 29.2


7. American Funds Bond Fund of Amer A(ABNDX) +9.8 +4.3 28.2


8. Baird Core Plus Bond Inst(BCOIX) +8.1 +4.9 25.4


9. Western Asset Core Plus Bond I(WACPX) +7.6 +5.5 24.0


10. Vanguard Interm-Term Bond Index Adm(VBILX) +9.1 +4.8 19.6


11. General Electr (GE) $7.29 +6.1% 169.0


12. Apple Inc (A APL) 119.02 –1.4 115.0


13. Bank of Ameri (BAC) 24.24 +0.4 58.3


14. Ford Motor Co (F) 7.67 +0.7 47.4


15. Wells Fargo & (WFC) 22.86 –0.4 43.1


16. Pfizer Inc (PFE) 37.95 +3.8 40.7


17. Schlumberger (SLB) 14.97 –8.8 39.8


18. Carnival Corp (CCL) 14.08 +0.4 39.4


19. American Airl (AAL) 12.46 +1.9 32.6


20. Boeing Co (BA) 167.35 +1.9 31.7


21. J B Hunt Tra (JBHT) $128.04 –9.7%


22. Schlumberger (SLB) 14.97 –8.8


23. Halliburton C (HAL) 12.25 –6.3


24. Devon Energy (DVN) 8.95 –5.0


25. Occidental Pe (OXY) 10.09 –4.9


26. HollyFrontier (HFC) 20.16 –4.9


27. Marathon Oil (MRO) 4.07 –4.7


28. CH Robinson (CHRW) 100.23 –4.7


29. Citizens Fina (CFG) 26.61 –4.6


30. Diamondback (FANG) 29.29 –4.4


31. General Electr (GE) $7.29 +6.1%


32. Pfizer Inc (PFE) 37.95 +3.8


33. Alaska Air Gr (ALK) 39.35 +3.5


34. Westrock Co (WRK) 40.98 +3.4


35. Laboratory Cor (LH) 199.09 +3.3


36. Autodesk Inc (ADSK) 259.97 +3.2


37. General Motors (GM) 33.45 +2.6


38. Regeneron Ph (REGN) 599.74 +2.5


39. Medtronic PLC (MDT) 110.13 +2.4


40. United Rental (URI) 192.94 +2.4

+10%

+ 5%

0%

• 5%

3,100

3,200

3,300

3,400

3,500

3,600

3,700

Aug. Sept. Oct.

+10%

+ 5%

0%

• 5%

10,500

11,000

11,500

12,000

Aug. Sept. Oct.

+10%

+ 5%

0%

• 5%

26,000

27,000

28,000

29,000

30,000

Aug. Sept. Oct.

3483.81 0.01% 11671.56 0.4% 28606.31 0.4%

Shanghai +0.1%

Tok yo – 0.4%

Frankfurt +1.6%

London +1.5%

Toronto –0.4%

New York +0.0%

$1 = 105.4

$1.1718 Unemployment Rate

New-home sales

Consumer confidence

Industrial production

Long- and intermediate-term

government bonds

S&P 500 Nasdaq Composite Index Dow Jones industrials

Best performers Worst performers Most active

Sector performance

Bonds

Yield curve

Key rates

Borrowing rate

Crude oil

Corn

Savings rate

yen

10-year Treas.

YESTERDAY

1-YE AR AGO

2-year Treas.

Fed Funds

Currencies Consumer rates Commodities Economy

How stock markets fared yesterday in Asia ... ... in Europe ... and in the Americas.

CLOSE

S&P 500 SECTORS

CLOSE CLOSE 1 YR 5 YRS

TOTAL RETURNASSETSTOTAL

CHANGE CHANGE CHANGE IN MIL. IN BIL.

VOLUME

POWERED BY

What Happened in Stock Markets Yesterday

What Is Happening in Other Markets and the Economy

Major stock market indexes

6 p.m. E.T. 8 10 12 a.m. 2 4 6 a.m. 8 10 12 p.m. 2 4 6 p.m.

Maturity

1-year CDs

30-year fixed mortgages

S&P 500 COMPANIES S&P 500 COMPANIES S&P 500 COMPANIES

Source: Morningstar

1 euro =

The Digest

Wall Street closed out a choppy

week of trading with more of the

same on Friday as a late-after-

noon stumble led stock indexes to

a mixed finish.

The S&P 500 ended the day just

a fraction of a point higher after a

burst of selling erased a 0.9 per-

cent gain. Despite a three-day

stretch of losses, the benchmark

index still managed to finish

higher for the week, its third

straight weekly gain.

Big Tech and energy companies

fell while health care and industri-

al stocks rose. The Dow Jones in-

dustrial average also eked out a

gain, while the Nasdaq composite

posted its fourth straight loss.

The market had been up for

much of the day after the govern-

ment reported that retail sales

rose in September for the fifth

straight month. That report ap-

peared to overshadow new data

showed U.S. industrial production

had its weakest showing last

month since the spring.

The market’s late-day fade

capped a week of volatility for

stocks as companies began re-

porting their third-quarter results

and traders’ hopes for a new

round of economic stimulus from

Washington dimmed.

The S&P 500 rose 0.47 points to

3,483.81. The Dow gained 112.11

points, or 0.4 percent, to 28,606.31.

The Nasdaq fell 42.32 points, or

0.4 percent, to 11,671.56. The Rus-

sell 2000 index of small-cap stocks

dropped 5.08 points, or 0.3 per-

cent, to 1,633.81.

Despite the market’s downbeat

finish, the major stock indexes

have already recouped most of

their losses from September’s

market swoon.

Stocks have been mostly climb-

ing this month, but trading be-

came choppy this week as ongo-

ing talks between Democrats and

Republicans on an economic stim-

ulus package failed to deliver re-

sults. Investors have been hoping

that Washington would provide

more financial support for the

economy since July, when a $600-

a-week extra benefit for the unem-

ployed expired.

Traders have been watching

economic data closely to see

whether the loss of that beefed-up

unemployment aid would lead to

an overall pullback in spending.

On Thursday, the Labor Depart-

ment said the number of Ameri-

cans seeking unemployment aid

increased last week to 898,000, a

historically high level that under-

scores how the economy contin-

ues to be hobbled by the pandemic

and recession that erupted seven

months ago.

Friday’s retail sales report pro-

vides some encouragement, sug-

gesting Americans’ appetite for

spending remained solid last

month. The Commerce Depart-

ment said retail sales rose 1.9 per-

cent percent in September, the

fifth straight monthly increase.

The report initially juiced shares

in retailers and other companies

that rely on consumer spending,

but most of those gains evapo-

rated by the end of the day.

Other data point to persistent

weakness in the economy. The

Federal Reserve said on Friday

that U.S. industrial production fell

0.6 percent last month, the weak-

est showing since April’s 12.7 per-

cent skid amid widespread busi-

ness shutdowns because of the

pandemic. Economists had been

expecting an increase.

Across the S&P 500, analysts

are expecting companies to report

another drop in profits for the

summer from year-ago levels. But

they are forecasting the decline to

moderate from the nearly 32 per-

cent plunge from the spring, re-

flecting some signs of improve-

ment in the economy since then.

Analysts have been raising

their earnings forecasts for how

companies fared in the third quar-

ter after lowering them sharply

ahead of the second quarter. That

means it will be tougher for com-

panies reporting results over the

next few weeks to beat expecta-

tions.

The credit card issuer Ally Fi-

nancial rose 2.7 percent after it re-

ported better-than-expected re-

sults, while the logistics company

J.B. Hunt Transportation Services

sank 9.7 percent after its results

fell short of expectations.

S&P 500 Ekes Out Gain in Wobbly Session

By The Associated Press

The S& P 500 Index

Position of the S& P 500 index at 1-minute intervals on Friday.

Source: Reuters THE NEW YORK TIMES

3,480

3,520

3,490

3,500

3,510

10 a.m. Noon 2 p.m. 4 p.m.

Previous close

3,483.34

Industrial Production

Index of total industrial production,

2012 = 100, seasonally adjusted.

90

100

95

105

110

JULY

+4.2%

AUG.

+0.4%

SEPT.

–0.6%

Source: Federal Reserve THE NEW YORK TIMES

’19 ’20

STOCKS & BONDS

10-YEAR TREASURY YIELD

0.76%

+0.02 points

CRUDE OIL (U.S.)

$40.88

–$0.08

S&P 500 INDEX

+0.01%

3,483.81

DOW JONES INDUSTRIALS

+0.39%

28,606.3 1

NASDAQ COMPOSITE INDEX

–0.36%

11,671.56

GOLD (N.Y.)

$1,900.80

–$2.40

TELEVISION

Roth Is Stepping Down

As Warner Bros. TV Chief

Hollywood’s season of executive
turnover continues.
Warner Bros. announced on
Friday that Peter Roth, the head of
its television studio for more than
two decades, will step down early
next year.
This is the latest high-level
change for the industry, which has
seen turnover at HBO Max, Net-
flix and NBCUniversal in the last
two months.

Mr. Roth joined Warner Bros. in

1999, and the studio has made a

significant number of hit shows

while he’s been in charge, includ-

ing “The Big Bang Theory,” “The

West Wing,” “Gilmore Girls” and

“Two and a Half Men.”

With Mr. Roth’s departure,

speculation will turn to his re-

placement. Channing Dungey,

who abruptly departed her execu-

tive position at Netflix last week,

has held discussions for a high-

level position with Warner Bros.,

according to two people familiar

with the talks.

JOHN KOBLIN

FITNESS

Pedals on Stationary Bikes

Recalled by Peloton

Peloton recalled clip-in pedals on
about 27,000 of its bikes after it re-
ceived reports of broken pedals
causing injuries, including five
that needed stitches or other med-
ical care. The recall applies to ped-
als on bikes sold between July
2013 and May 2016, Peloton said in
a post on its website. It came after
120 reports of the pedals breaking
and 16 reports of injuries.
The recall is a setback for a
company that has emerged as one
of the major winners of the quar-
antine economy. The bikes, at
$1,895 plus a $39 monthly sub-
scription fee for access to live-
streamed classes, are some of the
priciest available on the market.
“We take pride in providing the
best equipment, proprietary net-

worked software, and world-class

streaming digital fitness and well-

ness content that our members

love,” Amelise Lane, a spokes-

woman for the company, said in a

statement.

Peloton said it recommends us-

ers change their pedals annually,

and customers should stop using

the faulty pedals immediately.

JENNY GROSS

MUSIC

K-Pop Management Firm

Stock Dips After Big I.P.O.

Big Hit Entertainment Co. Ltd.,
the management agency of South
Korean K-Pop group BTS, saw its
stock fall as much as 23 percent on
Friday, extending losses from its
debut the previous day as pricing
eased after pre-listing hype.
Analysts said the lower price is
more reasonable for a company
which relies heavily on one boy
band for revenue.
Analysts said Big Hit’s valua-

tion based on its initial public of-

fering (I.P.O.) price was on par

with comparable K-Pop agencies.

BTS accounted for 97.4 percent

of Big Hit’s revenue in 2019 and

87.7 percent in the first half of

2020, a regulatory filing showed.

“Big Hit’s reliance on BTS is

still absolute when including non-

management, indirect sales such

as merchandise, intellectual prop-

erty and content,” said Hyundai

Motor Securities analyst Kim

Hyun-yong. “It must make all-out

efforts to create a post-BTS reve-

nue source.”

REUTERS

EZRA SHAW/GETTY IMAGES