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Daily Scan: Stocks plummet into the red; Shootings shake Paris
Updated throughout the day
Stocks fell hard Friday, ending the week in the red. The Dow was down 1.16%, the S&P 500 fell 1.12%, and the Nasdaq lost 1.54%. Retail merchants collapsed in the U.S. on a combination of weak earnings and an unexpectedly weak October report from the Commerce Department that showed sales rose only 0.1% in October, short of the expected 0.3% increase. Some of the nation's biggest retailers hit 52-week lows, including Macy's, down 4.2% (after falling more than 14% earlier in the week); Nordstrom's, off 15%; JCPenney, down 15.4%; and Fossil, which immolated, falling 36.5%. Car makers also fell if more modestly on the retail sales news. Oil fell 3%, closing near $40/barrel.
Saturday night you can catch the Democratic debate on CBS.
Here’s what else you need to know:
Several killed in Paris shootings. Several people were killed and at least seven injured in a shooting outside a restaurant in central Paris Friday evening. There were also a series of explosions at the Stade de France. BBC, CNN
Cargill to cut jobs. The commodities trader is restructuring, closing two offices and laying off employees. Reuters
Will Hamlet on the Potomac continue? To raise rates or not to raise rates, that we thought was a settled question. But not only did retail sales disappoint Friday, so did U.S. producer prices dropping for the second straight month by 0.4% in October. Economists had predicted a 0.2% rise. Earlier in the day, Cleveland Fed President Loretta Mester said the economy looked good-to-go for a federal funds hike -- if the news continued to be good. If.
J.C. Penney's stock falls after earnings. The retail store reported better than expected quarterly net sales, but the company's stocks fell, reflecting the low October retail sales. The company reported a net loss of $137 million, or 45 cents a share. Analysts estimated a loss of 55 cents a share. Net sales were up 4.8% to $2.9 billion, slightly better than the expected $2.88 billion. Penney's shares fell 15.4% Friday. Reuters
DraftKings sues New York over shutdown. New York Attorney General Eric Schneiderman closed the DraftKings and FanDuel websites Tuesday from accepting bets in New York, call the businesses illegal gambling. DraftKings filed a lawsuit to overturn the order. Reuters
Syngenta said to reject $42 billion takeover bid from China. The offer is the biggest ever by a state-owned enterprise for a European company. Earlier this year, Monsanto had offered to buy Syngenta, the world's biggest agrichemicals company, for $47 billion. Reuters
U.S. has “Jihadi John” in its cross-hairs. American forces have carried out an air strike targeting the British Islamic State militant known as “Jihadi John,” the Pentagon has said. The extremist was seen in videos of the beheadings of Western hostages. BBC
At least 41 dead in pair of suicide bombings in Beirut. ISIS took responsibility for the terrorist attack in a busy shopping area of a Shia neighborhood, also known to be a Hezbollah stronghold. More than 200 people were wounded. BBC
Suu Kyi's NLD wins Mayanmar election by landslide. Myanmar's opposition National League for Democracy has won a landslide election victory, officials say, with more than 80% of contested seats now declared. BBC
You won't believe this…
Ugh. Airbnb is full of love. The most common three-word phrase for hosts? "Love to travel." The most common three words to describe a rental? It's in "the heart of." We'd add "Adore making extra $$$$." Vox
Photo: Steve Jurvetson