The New York Times - 12.09.2019

B2 0 N THE NEW YORK TIMES BUSINESSTHURSDAY, SEPTEMBER 12, 2019

Months

36 2510 30

Years

240

250

260

270

’16 ’18

400

500

600

700 thousand

’16 ’18

80

100

120

’16 ’18

3

4

5%

’16 ’18

0

200

400

600

$800 a bushe l

’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

+2.0

+1.5

+1.0

+0.5

0.0

–0.5

–1.0

Energy %

Industrials

Materials

Financials

Health care

Utilities

Communication services

Consumer discretionary

Technology

Consumer staples

Real estate

+1.3

+1.0

+1.0

+0.4

+0.3

+0.1

–0.0

–0.4

–0.5

–0.6

–1.4

1. Vanguard Mid Cap Index Admiral(VIMAX) +4.1% +8.7% $43.9


2. Vanguard Small Cap Index Adm(VSMAX) –2.5 +8.0 39.1


3. T. Rowe Price Mid-Cap Growth(RPMGX) +9.3 +12.7 24.6


4. Fidelity Extended Market Index(FSMAX) –2.3 +8.0 23.3


5. Fidelity Low-Priced Stock(FLPSX) –0.9 +5.9 22.7


6. Vanguard Extended Market Index Admiral(VEXAX) –2.3 +7.9 20.7


7. T. Rowe Price New Horizons(PRNHX) +7.5 +15.2 20.2


8. DFA US Small Cap I(DFSTX) –9.1 +6.5 16.4


9. DFA US Small Cap Value I(DFSVX) –12.9 +3.5 13.0


10. Vanguard Small Cap Value Index Admiral(VSIAX) –4.6 +6.8 12.6


11. AT&T (T) $38.74 +3.1% $54.6


12. BofAML (BAC) 29.46 +0.4 53.4


13. AMD (AMD) 29.76 –1.6 49.8


14. Apple (AAPL) 223.59 +3.2 43.7


15. Ford Motor (F) 9.42 0.0 33.8


16. Micron Tech (MU) 50.48 +2.2 30.8


17. M i c r o s o f t ( M S F T ) 1 3 6 .1 2 + 0. 0 24. 6


18. CenturyLink (CTL) 13.31 +5.6 22.6


19. Macy’s (M) 17.84 +4.3 20.4


20. Freeport Mcmo (FCX) 10.08 –0.4 20.1


21. Take-Two (TTWO) $122.62 –4.5%


22. Verisign (VRSN) 190.75 –3.0


23. DaVita (DVA) 59.81 –3.0


24. TechnipFMC (FTI) 24.94 –3.0


25. Tractor Supp (TSCO) 103.85 –2.4


26. Carmax (KMX) 85.32 –2.3


27. W y n n R e s o r t s ( W Y N N ) 114. 3 2 –2. 2


28. Costco Whole (COST) 290.69 –2.1


29. Simon Prop Gr (SPG) 157.87 –2.1


30. Foot Locker (FL) 41.36 –2.1


31. Illumina (ILMN) $289.66 +4.9%


32. Gap (GPS) 19.25 +4.7


33. Perrigo Comp (PRGO) 55.26 +4.7


34. Autodesk (ADSK) 154.67 +4.5


35. TripAdvisor (TRIP) 42.75 +4.4


36. Macy’s (M) 17.84 +4.3


37. IPG Photonic (IPGP) 148.87 +4.3


38. Intuitive (ISRG) 522.82 +4.1


39. Skyworks Sol (SWKS) 83.51 +4.0


40. McKesson (MCK) 148.53 +4.0

+10%

+ 5%

0%

• 5%
  2,700

2,800

2,900

3,000

3,100

3,200

July Aug.

+10%

+ 5%

0%

7,400 – 5%

7,600

7,800

8,000

8,200

8,400

8,600

July Aug.

+10%

+ 5%

0%

• 5%

25,000

26,000

27,000

28,000

29,000

July Aug.

3000.93 0.7% 8169.68 1.1% 27137.04 0.9%

Shanghai –0.4%

Tok yo +1.0%

Frankfurt +0.7%

London +1.0%

Toronto + 0.5%

New York +0.7%

$1 = 107.82

$1.1009 Unemployment Rate

New-home sales

Consumer confidence

Industrial production

Mid- and small-capitalization

stock mutual funds

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

Stocks notched broad gains on

Wall Street on Wednesday as in-

vestors drew encouragement

from China’s move to exempt

some United States products from

a recent round of tariffs.

Technology, health care and

communication services stocks

powered much of the rally. The

benchmark S&P 500 index, which

had essentially been flat since Fri-

day, is on track for its third

straight weekly gain.

Bond yields continued to climb.

Oil prices fell, and investors con-

tinued to favor smaller-company

stocks.

Wednesday’s push into technol-

ogy companies was a reversal

from the first couple of days of the

week, when traders bid up energy,

financials and other sectors that

had sold off in recent weeks. The

tech sector is sensitive to fallout

from the trade war between

Washington and Beijing because

many big companies, like Apple,

manufacture products in China.

The S&P 500 rose 21.54 points,

or 0.7 percent, to 3,000.93, the first

time the index has finished above

3,000 points since July 30. The

Dow Jones industrial average

gained 227.61 points, or 0.9 per-

cent, to 27,137.04. The Nasdaq

picked up 85.52 points, or 1.1 per-

cent, to 8,169.68. The Russell 2000

index of smaller-company stocks

climbed 32.72 points, or 2.1 per-

cent, to 1,575.71. Major indexes in

Europe finished broadly higher.

Bond prices fell. The yield on

the 10-year Treasury rose to 1.75

percent from 1.74 on Tuesday.

Escalation of the trade war has

buffeted the financial markets this

summer. Investors worry that the

impact of tariffs and a slowing

global economy could tip the

United States into a recession.

Some of those trade concerns

appeared to ease Wednesday af-

ter China said it would exempt

American industrial grease and

some other imports from tariff in-

creases, though it kept in place

penalties on soybeans and other

major American exports ahead of

negotiations next month.

Investors continue to expect

the Federal Reserve to cut inter-

est rates at its meeting next week

in an attempt to help maintain

economic growth.

On Wednesday, Apple was

among the big gainers as invest-

ors snapped up technology stocks.

Shares in the iPhone maker, which

unveiled a variety of new products

and services on Tuesday, climbed

3.2 percent. The chip maker Intel

gained 1.9 percent.

Health care and communica-

tions stocks also made strong

gains. Medtronic rose 1.1 percent,

and AT&T climbed 3.1 percent.

The financial sector wobbled

between small gains and losses af-

ter pulling out of an early slide.

Wells Fargo added 1.1 percent.

Real estate stocks finished flat.

Shares in the tobacco giants Al-

tria Group and Philip Morris In-

ternational rose after a brief slide

in the wake of the Trump adminis-

tration’s announcement that it

was looking to ban thousands of e-

cigarette flavors amid an out-

break of breathing problems tied

to vaping. Altria, which has taken

a roughly $13 billion stake in the

vaping giant Juul, rose 0.6 per-

cent. Philip Morris gained 0.7 per-

cent. The companies confirmed

last month that they are in talks to

merge after they split in 2008.

The video game retailer

GameStop plunged 10.2 percent

after it reduced its full-year profit

forecast following a disappointing

second quarter. It is struggling to

compete with online game sellers.

Dave & Buster’s Entertain-

ment, a restaurant and arcade op-

erator, fell 4.6 percent after it cut

its sales forecast for the year amid

increased competition.

Shares in RH, the owner of the

furniture company Restoration

Hardware, rose 5.3 percent after

its latest quarterly results topped

Wall Street’s expectations.

Benchmark crude oil fell $1.65

to settle at $55.75 a barrel. Brent

crude oil, the international stand-

ard, dropped $1.57 to close at

$60.81 a barrel.

Gold rose $4.10 to $1,494.40 per

ounce. The dollar rose to 107.82

Japanese yen from 107.54 yen on

Tuesday. The euro weakened to

$1.1009 from $1.1038.

Budging by China Propels Markets’ Gains

By The Associated Press

The S&P 500 Index

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

Source: Refinitiv THE NEW YORK TIMES

3,000

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

2,980

2,990

2,970

Previous close

2,979.39

Source: Treasury

Department THE NEW YORK TIMES

1.6

3.2%

2.8

2.0

2.4

’18 ’19

1.739%

10-Year Treasury Notes

High yield in monthly refunding

auction.

STOCKS & BONDS

10-YEAR TREASURY YIELD

1.75%

+0.01%

CRUDE OIL (U.S.)

$55.75

–$1.65

S&P 500 INDEX

+0.72%

3,000.93

DOW JONES INDUSTRIALS

+0.85%

27,137.04

NASDAQ COMPOSITE INDEX

+1.06%

8,169.68

GOLD (N.Y.)

$1,494.40

+$4.10

LEGAL

Judge Declines to Reduce

$100 Million Starkist Fine

A federal judge in San Francisco
has ordered StarKist to pay a $100
million fine in a canned tuna price-
fixing conspiracy involving three
companies.
The Pittsburgh-based company
had asked U.S. District Court
Judge Edward Chen to reduce the
fine to $50 million, arguing a $100
million penalty could bankrupt it
because it still faces millions more
in potential civil damages.
Chen on Wednesday said the
court found the company has the
assets and the ability to borrow
money to pay the fine.
Chen ordered the company to
pay $5 million within 30 days and

$11 million next year. Starting in

2021, the company will have to

make payments of $21 million

each year for four years.

StarKist last year pleaded

guilty to a felony price fixing

charge as part of a broad collusion

investigation.

ASSOCIATED PRESS

TECHNOLOGY

Oracle Chief Is Taking

A Medical Leave

Oracle said Wednesday that Mark
Hurd, one of two chief executives
at the big software company,
would take a leave of absence to
address undisclosed medical is-
sues.
Mr. Hurd’s leave means Safra
Catz, the other chief executive,
and Larry Ellison, Oracle’s chair-
man and chief technology officer,
will lead the company for an unde-
termined length of time.
Oracle also announced financial
results for its first fiscal quarter
on Wednesday afternoon, a day

earlier than expected. It and other

established tech companies are

facing pressure as customers shift

from paying upfront to use soft-

ware run on their own computers

in favor of subscription offerings

delivered through cloud services.

The company, whose summer

quarter is often its weakest of the

year, reported that net income had

declined 6 percent on flat revenue

when compared with a year earli-

er, though Oracle executives

pointed to other metrics indicat-

ing its own cloud offerings are

gaining traction. Shares of Oracle,

which is based in Redwood

Shores, Calif., declined about 2

percent in after-hours trading.

DON CLARK

AUTOMOBILES

3.5 Million GM Vehicles

Are Recalled Over Brakes

General Motors said Wednesday
that it was recalling 3.46 million
pickup trucks and sport utility ve-
hicles to address a vacuum pump
issue that could make braking
more difficult and that has been
linked to 113 accidents and 13 inju-
ries.
The recall covers 2014-2018
model year vehicles, including
some Cadillac Escalade, Chevro-
let Silverado, Chevrolet Tahoe,

GMC Sierra, Chevrolet Suburban

and GMC Yukon vehicles.

The recall was triggered be-

cause the amount of vacuum cre-

ated by the vacuum pump may de-

crease over time, GM told the Na-

tional Highway Traffic Safety Ad-

ministration in documents posted

on Wednesday.

The N.H.T.S.A. opened a prelim-

inary investigation into the issue

last November, and said it had re-

ports of nine related crashes and

two injuries. It provided GM in

July with additional field reports

that prompted the automaker to

open an investigation. REUTERS

LISA POOLE/ASSOCIATED PRESS