What's moving markets today
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The day had a rough start with Macy's results, but overall markets pulled through.
Here are some of the biggest movers:
- Oil rose yet again, settling at $52.59 a barrel, for its ninth-straight gain. That hasn't happened since January 2010.
- Constellation Brands (STZ) led all stocks with a 6% gain. It was the market's worst performer Wednesday after the company lowered its 2019 outlook.
- GE (GE) rose 5.2%. It keeps on humming. Is the worst over?
- American Airlines (AAL) fell 4%. The company lowered its sales outlook for the fourth quarter.
Retail stocks got killed
Macy's (M) stock fell 18% — its worst day ever. The company reported sluggish sales for November and December and trimmed its guidance. And that brought down the entire retail sector:
Not even an 18% plunge for Macy's can derail this market rebound.
- The Dow climbed 123 points, closing just above 24,000.
- The S&P 500 gained 0.5%, notching its first five-day win streak since September.
- The Nasdaq advanced for the 10th day in the past 11.
Stocks closed near their highs of the day, erasing a 176-point slump on the Dow that was driven by concerns about bleak retail earnings and China’s economy.
Macy’s plummeted 18% on weak holiday sales and dimmed guidance. Kohl’s, JCPenney and L Brands all fell sharply as well.
US oil prices climbed to $52.59 a barrel, advancing for the ninth day in a row. That hasn’t happened since January 2010.
Xbox, Switch, PlayStation and ... Amazon? The video game world may have a new competitor soon, according to the Information. A new streaming video game service from Amazon could reportedly be launched as early as next year.
Twitch, the live video service that lets people watch video game players, is owned by Amazon. A video game service could be a nice fit.
Amazon also announced a new, free streaming service though its IMDB subsidiary. "Freedive" lets people watch a selection of movies and TV programs for free on IMDB and Amazon Fire TV devices.
Amazon has a huge amount of licensed and original content that's available to Prime members. The Freedive collection is significantly limited, but it's available for free to anyone, whether or not they have a Prime membership.
The oil market is really earning its boom-to-bust reputation lately.
US oil prices climbed to $52.59 a barrel on Thursday, advancing for the ninth day in a row. That hasn't happened since a streak that ended January 6, 2010, according to S&P Global Platts.
Fears about excess supply and waning demand sent crude crashing into a bear market in the fall. Oil plunged as much as 44%.
But thanks to Thursday's steady gain, oil is now up 24% since falling to $42.53 a barrel on Christmas Eve.
At least oil traders can't complain they're bored.
Reports that activist hedge fund Starboard Value is building a stake in MGM Resorts International (MGM) sent shares up nearly 2%.
It's unclear what Starboard's intent is and how much it has invested in the casino chain. MGM Resorts owns 28 resorts around the world.
MGM had a rough 2018: The stock shed nearly one-third of its value and reported weak bookings in Las Vegas.