Stocks pare gains as government shutdown averted

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Delta Edition, Bed Bath & Beyond downgrades outlook amid concerns over supply-chain disruptions

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we store The index eased mid-morning gains on the final day of the third quarter, even as managing committee The government reached an agreement to avoid the shutdown.

The Dow Jones Industrial Average slipped 165 points, or more than 0.5%, while the S&P 500 fell 0.13% and the Nasdaq Composite was up 0.25%.

anchor the protection The last Change Change %
Me: DJI dow jones average 34218.07 -172.65 -0.50%
SP500 S&P 500 4353.66 -5.80 -0.13%
me: comp NASDAQ Composite Index 14549.948695 +37.51 +0.26%
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The Senate overnight reached a stopgap deal that would fund the government until early December. Congress has to pass the bill before midnight to avoid the bandh. Lawmakers will still have to raise the debt limit by October 18 to prevent the US from defaulting on its debt.

Schumer says vote was settled to avoid government shutdown

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Additionally, House Speaker Nancy Pelosi is still trying to work out plans to bring both infrastructure bills up for vote in the lower house.

Initial jobless claims unexpectedly rose 11,000 to 362,000 filings last week. Meanwhile, after the additional $300 per week in supplement benefits expired the week before the data was collected, claims continued to decline. A separate release showed that second-quarter GDP was up 0.1 percentage points to 6.7%.

Following the figures, the yield on the 10-year note rose by 2 basis points to 1.54%.

Among stocks, interest-rate sensitive financials, such as Bank of America Corp and Wells Fargo & Co, were up higher.

anchor the protection The last Change Change %
bac Bank of America Corp. 42.87 -0.23 -0.52%
WFC Wells Fargo & Company 46.77 -0.28 -0.60%

Recently underperforming growth names, including Microsoft Corp and Apple Inc., did the same, which usually lag behind in an environment of rising rates.

anchor the protection The last Change Change %
msft Microsoft Corp. 285.92 +1.92 +0.68%
application No No No No

Meanwhile, Bed Bath & Beyond Inc.’s quarterly results fell short of Wall Street estimates and the company downgraded its outlook amid concerns over the COVID-19 delta variant and supply-chain disruptions.

anchor the protection The last Change Change %
BBY Best Buy Co., Inc. 106.43 -2.96 -2.71%
KMX Carmax, Inc. 130.02 -16.74 -11.41%

CarMax Inc. reported record quarterly sales, but its profit fell short of analysts’ expectations.

Kohl’s Corp received a two notch drop for “underperforming” Bank of America, which said the supply chain disruption could affect the retailer’s recovery plans.

anchor the protection The last Change Change %
KSS Kohls Corp. 46.47 -7.19 -13.41%

Elsewhere, the Perigo company agreed to a settlement of 297 million euros over an Irish tax dispute. This figure is only a small part of the 1.64 billion euro bill initially levied against the company.

anchor the protection The last Change Change %
PRGO Perigo Company Plc 48.82 +5.32 +12.23%

In the deals, Merck & Co. will buy drugmaker Acceleron Pharma Inc. for $180 per share, or about $11.5 billion. The deal represents a 2.65% premium from where Acceleron’s shares settled on Wednesday.

anchor the protection The last Change Change %
MRK Merck & Company, Inc. 75.77 +0.71 +0.95%
XLRN Acceleron Pharma Inc. 174.88 -0.47 -0.27%

In commodities, West Texas Intermediate crude slipped 17 cents to $74.66 per barrel and gold rose 30 cents to $1,723.20 an ounce.

Foreign trade was in shambles.

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In Europe, Germany’s DAX 30 fell 0.29%, while France’s CAC 40 remained unchanged and Britain’s FTSE 100 rose 0.25%.

In Asian markets, China’s Shanghai Composite Index rose 0.9%, Japan’s Nikkei 225 lost 0.31% and Hong Kong’s Hang Seng index fell 0.36%.


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