Stocks snap 3-week streak as Trump rally fades
Stocks snap a 3-week winning streak, as even a strong jobs report can’t save the Trump rally. Catch The Final Round at 4 p.m. ET with Yahoo Finance’s Justine Underhill, Myles Udland, Jared Blikre and Peter Kenny of kennyscommentary.com.
Winners and losers
Stocks ending the week on a down note include Smith & Wesson, despite posting a beat on its top and bottom lines, as the gun maker gave weaker-than-expected current quarter guidance; Starbucks as the coffee chain’s longtime CEO Howard Schultz plans to step down in order to focus on the company’s new line of high-end coffee shops; and Ambarella, with shares of the chipmaker getting zapped after the company beat expectations with its fiscal third-quarter 2017 earnings but issued current quarter guidance that missed the mark.
Meanwhile stocks in the green today include discount retailer Five Below as earnings and revenue were largely in line and management gave an upbeat outlook for its holiday quarter; retailer JCPenny on a Bank of America Merrill Lynch upgrade to buy, and Pandora. Shares of the streaming music service are soaring after CNBC reported the company is open to engaging in talks with Sirius XM about a sale.
Looking ahead
On Monday, the Fed-speak rolls on with big speeches by Fed presidents James Bullard, Charles Evans and Willian Dudley. These are the last official Fed speeches before the December FOMC meeting begins.
On Friday, we’ll get the University of Michigan’s preliminary consumer sentiment index for December. In the prior month the gauge rose to 93.8.
And also on Friday, it’s the big deadline. It’s is the last day Congress can pass a bill to avert a federal government shutdown. Both House and Senate leaders have said they are working to get to get a deal done.
