WASHINGTON—U.S. business activity slowed moderately in November amid labor shortages and raw material delays, contributing to prices continuing to soar halfway through the fourth quarter. Data firm IHS Markit said on Tuesday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a reading of 56.5 in mid-November from…
US Business Activity Slows Moderately in Mid-November: IHS Markit Survey
Tech Weakness Keeps Wall Street Under Pressure
November 23, 2021
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Wall Street’s main indexes slipped on Tuesday, with the Nasdaq lagging the most as rising Treasury yields weighed on major technology stocks, while gains in banking and energy stocks helped limit broader market losses. The S&P 500 energy index jumped 2.7 percent as oil prices rose after a move by the United States and other…
Taiwan Talks Chips, Chinese ‘Coercion’ in US Meeting
November 23, 2021
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TAIPEI—Taiwan and the United States discussed chip shortages and how to respond to China’s economic “coercion” during the second session of an economic dialogue launched last year, Taiwan Economy Minister Wang Mei-hua said on Tuesday. The talks came a week after a virtual meeting between U.S. President Joe Biden and Chinese leader Xi Jinping. After…
Best Buy Forecasts Holiday Quarter Sales Below Estimates as Supply Issues Loom
November 23, 2021
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Best Buy Co. Inc. forecast fourth-quarter comparable sales below analysts’ estimates on Tuesday, as the electronics retailer braces for a hit from likely product shortages during the crucial holiday shopping season. The company’s shares, which have gained nearly 40 percent this year, fell 11.2 percent to $122.55 in premarket trading. Retailers are under tremendous pressure…
Futures Dip as Rising Yields Dent Tech Shares
November 23, 2021
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U.S. stock index futures fell on Tuesday as rising Treasury yields weighed on major technology stocks, while bank shares extended gains as investors priced in an early policy tightening by the Federal Reserve. Bank stocks rose in premarket trade, tracking gains in yields after Jerome Powell’s reappointment as Fed Chair raised market expectations for an…
15 Republican Governors Launch ‘Operation Open Road’ to Fix Supply Chain Snarl
November 23, 2021
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Fifteen Republican governors, led by Tennessee Gov. Bill Lee, have launched “Operation Open Road,” an initiative that seeks to ease America’s supply chain crunch by a range of state and federal measures, including calling on the Biden administration to remove “burdensome” regulations on the trucking industry and suspend President Joe Biden’s vaccine mandate for private…
Euro Zone November Growth Surprisingly Strong but Outlook Darkens: PMI
November 23, 2021
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LONDON—Euro zone business growth unexpectedly accelerated this month but another wave of coronavirus infections and new restrictions, alongside price pressures, are likely to put a dent in December’s expansion, a survey showed on Tuesday. IHS Markit’s Flash Composite Purchasing Managers’ Index, a good indicator of overall economic health, jumped to 55.8 in November from 54.2…
Dollar Steadies Near 16-Month High; New Zealand Dollar Weakens
November 23, 2021
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LONDON—The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022. Currency markets have been mostly driven in recent months by market perceptions of the different paces at which global central banks reduce pandemic-era…
Asian Stocks Mixed After Late Slump on Wall Street
November 23, 2021
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Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm…
Shares Shrivel After Powell’s Renomination; Turkish Lira Crashes
November 23, 2021
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LONDON—Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall…
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