The New York Times - 08.10.2019

B2 0 N THE NEW YORK TIMES BUSINESSTUESDAY, OCTOBER 8, 2019

Months

36 2510 30

Years

240

250

260

270

’16 ’18

400

500

600

700 thousand

’16 ’18

90

100

110

120

130

’16 ’18

3

4

5%

’16 ’18

0

2

4

6

$8 a bushel

’10 ’12 ’14 ’16 ’18

0

50

$100 a barrel

’10 ’12 ’14 ’16 ’18

0

1

2

3

4

5

6%

’10 ’15 ’19

90

100

110

120

’14’15’16’17’18’19

1.0

1.1

1.2

1.3

$1.4

’14’15’16’17’18’19

0

1

2

3%

0

1

2

3%

’18 ’19

+1.0

+0.5

0.0

–0.5

–1.0

–1.5

Financials %

Technology

Health care

Consumer staples

Utilities

Communication services

Industrials

Consumer discretionary

Energy

Real estate

Materials

+1.9

+1.7

+1.6

+1.6

+1.5

+1.4

+1.1

+1.0

+0.6

+0.6

+0.5

1. Vanguard Total Bond Market Index Adm(VBTLX) +12.0% +3.3% $105.5


2. Dodge & Cox Income(DODIX) +10.1 +3.6 61.9


3. PIMCO Total Return Instl(PTTRX) +11.8 +3.6 52.9


4. Metropolitan West Total Return Bd I(MWTIX) +12.2 +3.3 45.0


5. Fidelity US Bond Index(FXNAX) +11.9 +3.3 43.7


6. Fidelity Series Investment Grade Bond(FSIGX) +11.8 +3.7 33.2


7. American Funds Bond Fund of Amer A(ABNDX) +11.0 +3.0 22.3


8. JPMorgan Core Bond R6(JCBUX) +12.1 +3.5 19.8


9. T. Rowe Price New Income(PRCIX) +11.4 +3.1 17.0


10. Vanguard GNMA Adm(VFIJX) +8.7 +2.6 16.9


11. BofAML (BAC) $28.31 –0.2% $36.8


12. GE (GE) 8.56 –0.1 32.4


13. Apple (AAPL) 227.06 +0.0 30.8


14. Ford Motor (F) 8.68 –0.7 29.4


15. Freeport Mcmo (FCX) 8.76 –0.8 21.2


16. AT&T (T) 37.66 +0.4 21.1


17. A l t r i a G r o u p ( M O ) 4 2 .17 +1. 3 16. 2


18. Schlumberger (SLB) 31.80 –0.3 15.9


19. Microsof t (MSF T ) 137.12 –0.7 15.7


20. Wells Fargo (WFC) 48.81 –0.8 15.7


21. Noble Energy (NBL) $19.72 –4.2%


22. Harley Davids (HOG) 34.11 –3.6


23. Apache (APA) 21.40 –3.4


24. Devon Energy (DVN) 21.89 –3.1


25. Ulta Beauty (ULTA) 242.75 –3.1


26. Dollar Tree (DLTR) 112.16 –3.1


27. A b i o m e d ( A B M D ) 16 4. 4 3 –2. 9


28. Cimarex Energ (XEC) 45.32 –2.8


29. Helmerich (HP) 37.24 –2.8


30. Constellation (STZ) 188.74 –2.6


31. Moody’s (MCO) $208.21 +2.3%


32. E*TRADE Fina (ETFC) 37.22 +2.3


33. Gap (GPS) 16.57 +2.1


34. ConocoPhillip (COP) 54.60 +2.1


35. Nordstrom (JWN) 33.07 +1.8


36. Align Techno (ALGN) 184.51 +1.6


37. Mattel (MAT) 11.20 +1.6


38. Discovery I (DISCA) 27.38 +1.4


39. Biogen (BIIB) 226.99 +1.3


40. Nvidia (NVDA) 184.33 +1.3

+ 5%

0%

• 5%

–10%

2,700

2,800

2,900

3,000

3,100

3,200

Aug. Sept.

+ 5%

0%

• 5%

–10%

7,500

8,000

8,500

Aug. Sept.

+ 5%

0%

• 5%

24,000 –10%

25,000

26,000

27,000

28,000

29,000

Aug. Sept.

2938.79 0.4% 7956.29 0.3% 26478.02 0.4%

Tok yo – 0.2%

Frankfurt +0.7%

London +0.6% Toronto – 0.2%

New York –0.4%

$1 = 107.24

$1.0974 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

Fed Funds 2-year Treas.

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

A day of choppy trading on Wall

Street ended Monday with stocks

broadly lower as the market ex-

tended its losing streak into a

fourth week.

Shares of technology stocks,

consumer goods makers, health

care companies and banks ac-

counted for much of the selling,

which accelerated in the last hour

of trading, erasing modest gains

from midday. Communication

services stocks eked out a slight

gain, bucking the broader market

slide. Crude oil prices edged lower

and bond yields rose.

The market is coming off a

three-week skid after a mostly

discouraging batch of economic

data that stoked investors’ wor-

ries that a slowdown in United

States economic growth could

worsen.

The combination of uncertainty

over the costly trade war between

the United States and China, and

the impeachment inquiry drama

unfolding in Washington, is likely

to continue to drag on the econ-

omy and weigh on markets, said

Tony Roth, chief investment offi-

cer at Wilmington Trust.

“And that’s why the markets are

treading water right now, waiting

to see if another shoe drops,” Mr.

Roth said.

The S&P 500 fell 13.22 points, or

0.4 percent, at 2,938.79. The Dow

Jones industrial average slid 95.70

points, or 0.4 percent, to 26,478.02.

The Nasdaq dropped 26.18 points,

or 0.3 percent, to 7,956.29.

Smaller-company stocks fared

slightly better than the rest of the

market. The Russell 2000 index

slipped 2.91 points, or 0.2 percent,

to 1,497.79.

Bond prices fell, pushing the

yield on the 10-year Treasury to

1.57 percent from 1.53 percent late

Friday.

The benchmark S&P 500 index

began the day lower, picked up

some gains around midday and

then veered back into the red by

late afternoon.

Broadcom led the slide in tech-

nology stocks Monday, dropping

1.9 percent.

Beverage companies fell amid a

sell-off in consumer product mak-

ers. Constellation Brands shares

slid 2.6 percent and PepsiCo stock

fell 1.4 percent. Shares of Coca-

Cola lost 1.2 percent.

Several big drugmakers helped

pull health care sector stocks

lower. Abbott Laboratories stock

gave up 1.2 percent and Merck &

Co. shares slid 0.7 percent.

Financial sector stocks also de-

clined, giving up early gains.

Shares of Progressive dropped 1.5

percent.

Discovery led the gains in the

communication services sector.

The stock rose 1.4 percent.

Fox shares inched up 0.1 per-

cent after the company settled a

dispute with Dish Network over

carriage of Fox’s local TV stations

and cable sports networks. Dish

pulled the broadcast network

from 17 markets in September.

Shares in Dish gained 0.2 percent.

ConocoPhillips stock climbed

2.1 percent after the company

raised its quarterly dividend by 38

percent. It said it would buy back

$3 billion of its stock in 2020.

General Motors shares fell 0.5

percent. The stock has lost nearly

10 percent of its value since con-

tract negotiations with the now

striking United Auto Workers

started to falter.

Benchmark crude oil fell 6 cents

to settle at $52.75 a barrel. Brent

crude oil, the international stand-

ard, slipped 2 cents to close at

$58.35 a barrel. Wholesale gaso-

line was unchanged at $1.57 per

gallon. Heating oil climbed 1 cent

to $1.90 per gallon. Natural gas fell

5 cents to $2.30 per 1,000 cubic

feet.

Gold fell $8.50 to $1,497.70 per

ounce, silver fell 8 cents to $17.46

per ounce and copper rose 1 cent

to $2.57 per pound.

The dollar rose to 107.24 Japa-

nese yen from 106.93 yen on Fri-

day. The euro weakened to $1.0974

from $1.0982.

Major stock indexes in Europe

closed broadly higher. Stocks in

Asia ended mixed. Chinese mar-

kets are set to reopen on Tuesday

after a weeklong break.

Markets Sink Amid Uncertainty

By The Associated Press

The S&P 500 Index

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

Source: Refinitiv THE NEW YORK TIMES

2,960

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

2,940

2,945

2,950

2,955

2,935

Previous close

2,952.01

Consumer Borrowing

Net change in total consumer

debt, excluding mortgages,

seasonally adjusted.

billion

Aug.

July

June

Source: Federal Reserve THE NEW YORK TIMES

5.2

6.7

3.9

+

+

+

Annual pace %

of change

$40

0

+

’18 ’19

10+

20+

STOCKS & BONDS

10-YEAR TREASURY YIELD

1.57%

+0.04%

CRUDE OIL (U.S.)

$52.75

–$0.06

S&P 500 INDEX

–0.45%

2,938.79

DOW JONES INDUSTRIALS

–0.36%

26,478.02

NASDAQ COMPOSITE INDEX

–0.33%

7,956.29

GOLD (N.Y.)

$1,497.70

–$8.50

MARKETS

Hong Kong Market Pulls

London Exchange Offer

Hong Kong’s stock exchange will
no longer proceed with its nearly
$37 billion offer to buy its London
competitor, it announced on Tues-
day morning, in a setback for the
exchange’s long-running effort to
build a closer connection to Euro-
pean markets.
The surprise bid was initially
presented four weeks ago as a
way for the pre-eminent stock
markets of Asia and Europe to join

forces to provide simpler trading

and help bring China, the world’s

second-largest economy, more di-

rectly into global financial mar-

kets. The Hong Kong market said

that if the two exchanges com-

bined, they could offer continuous

trading for 18 hours a day.

The Hong Kong exchange’s par-

ent company, Hong Kong Ex-

changes and Clearing, did not say

why it had retracted its offer. But

the London Stock Exchange

Group had rejected the offer

within two days, saying it was

“simply not credible” and not even

a basis for negotiations. KEITH

BRADSHER

MEDIA

PopSugar Is Acquired

By Group Nine Media

If three’s a trend, then digital me-
dia mergers are officially a thing.
Group Nine Media announced
on Monday that it had bought Pop-
Sugar, a multimedia entity with an
audience of millennial women.
Group Nine — the publisher of
the viral-video site NowThis, the
animal site The Dodo and the
food-drink-and-lifestyle site Thril-
list — declined to disclose the
terms of the deal. Group Nine said
it was an all-stock transaction.
Last week, Vice Media bought
Refinery29 in a mostly stock deal
valued around $400 million.
PopSugar started in 2006 as a
blog run by the husband-and-wife
team of Brian and Lisa Sugar. It
now includes a shopping platform,
a cosmetics line and a festival

business.

The Group Nine chief executive

Ben Lerer said in a statement that

the purchase would help solidify

Group Nine as a “next-generation

media company with significant

scale, deeply loyal and engaged

audiences, multiplatform exper-

tise, and highly diversified reve-

nue.” MARC TRACY AND EDMUND

LEE

WORKPLACE

G.E. Will Freeze Pensions

For 20,000 U.S. Workers

General Electric said on Monday
that it would freeze pension plans
for about 20,000 employees in the
United States with salaried bene-
fits, as the industrial conglomer-
ate makes another big move to cut
debt and reduce its pension deficit
by up to $8 billion.
Since taking over a year ago as
chief executive, Larry Culp has
carved out a number of measures
to streamline the company and

raise cash to pare debt. He has

also chopped the company’s divi-

dend to a penny.

G.E. said it would also freeze

supplementary pension benefits

for about 700 employees in the

United States who became execu-

tives before 2011. G.E.’s pension

plan has been closed to new en-

trants since 2012.

G.E. said the freeze is effective

Jan. 1, 2021, and both moves are

expected to help lower net debt

between $4 billion and $6 billion.

The company said there would

be no change for retirees already

collecting benefits. REUTERS

LARS NIKI/GETTY IMAGES

FOR POPSUGAR AND REED EXHIBITIONS