Stock market news: November 11, 2019 - Yahoo Finance

Stock futures fell Monday, retreating slightly from Friday’s record levels as concerns over trade and protests in Hong Kong flared up. Bond markets are closed Monday in observance of Veterans Day.

Here were the main moves in markets, as of 8:11 a.m. ET:

• S&P 500 futures (ES=F): -0.39%, or 12 points

• Dow futures (YM=F): -0.43%, or 118 points

• Nasdaq futures (NQ=F): -0.45%, or 36.75 points

• WTI crude oil prices: (CL=F): -1.17% to $56.57 per barrel

• Gold (GC=F): +0.03% to $1,463.40 per ounce

President Donald Trump over the weekend refuted reports that the U.S. was necessarily prepared to lift tariffs on China as part of phase one trade agreement.

The remarks sent stock futures lower and extinguished optimism over a tariff deescalation. Last week, members of the administration, including economic adviser Larry Kudlow, had said “there are going to be tariff agreements and concessions” as part of a preliminary deal.

Trump is set to speak at the Economic Club of New York during a luncheon Tuesday, providing another forum to potentially address next steps and progress in a trade deal between the U.S. and China.

Elsewhere, increasingly violent demonstrations in Hong Kong added to risk-off sentiment in global markets. Footage circulated Monday of a police officer shooting a pro-democracy protestor and of a man set on fire after confronting some of the demonstrators. The turmoil sent the Hong Kong Hang Seng index (^HSI) down by the most since August, with the index falling 2.6% by the close of regular trading local time.

A number of major U.S.-based companies from Disney (DIS) to Marriott International (MAR) have called out the impact of the Hong Kong protests to their bottom lines. The region remains a significant international hub for business, and Hong Kong’s government implored protestors in a statement Monday to stay “calm and rational.”

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 21, 2019. REUTERS/Brendan McDermid

STOCKS: Alibaba Singles’ Day tops records, Saudi Aramco sheds more light on IPO

Alibaba (BABA) saw a record of more than 215 billion yuan (or about $31 billion) worth of purchases partway through its annual Singles’ Day shopping holiday, with that number continuing to rise after the last check about 16 hours into the 24-hour event. In the first hour alone, Alibaba reached gross merchandise totaling $12 billion. The sales extravaganza consistently tops purchases from Black Friday and Cyber Monday combined.

The Chinese e-commerce giant brought in sales from an estimated half-a-billion shoppers all over the world during this year’s 11th iteration of the promotional day. Sales were aided this year by live-streamed promotions from celebrities including Kim Kardashian and Taylor Swift, as well as early pre-orders for products from companies including Estée Lauder (EL) and Apple (AAPL).

Saudi Aramco on Saturday released the prospectus for its initial public offering, which could be the largest in history. The Saudi state oil company plans to kick off its offering period November 17 and close it on December 4, after which it will price shares December 5 on the Tadawul Saudi stock exchange.

Saudi Aramco did not specify exactly the size of its share offering, but said it will sell as much as 0.5% of its shares to individual investors. The company has been valued in a range of between $1 trillion and $2 trillion, and its net income of $68 billion in the first nine months of 2019 made it the world’s most profitable company.

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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https://finance.yahoo.com/news/stock-market-news-november-11-2019-131648363.html

2019-11-11 13:16:00Z
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