Stock market live updates: S&P 500 record high watch, Tesla jumping again, Penn Gaming up 8%
CNBC.com staff
This is CNBC’s markets live blog that will be updated throughout the day.
U.S. equities were mixed on Thursday as investors continued to wait on a possible stimulus package from Washington. White House economic adviser Larry Kudlow said that talks were at a ”stalemate.” Initial jobless claims came in under one million for the first time since March but were still above pre-pandemic records.
24 MIN AGO
Markets at midday: S&P 500 struggles to reach record high
The S&P 500 hovered around the flatline in midday trading as it struggled to continue its run toward the February all-time high. The Dow Jones Industrial Average dipped 51 points, or 0.2%. The Nasdaq Composite outperformed, rising 0.8% as shares of major tech companies rose broadly. —Fred Imbert
34 MIN AGO
Apple to join the 40-year club with latest debt offering
Apple is joining the growing list of companies offering investors a 40-year bond.
The company plans to issue a four-part debt deal, including 5-year, 10-year, 30-year and 40-year securities. Apple last issued debt in May in an $8.5 billion offering.
With super low interest rates and a wide-open debt market, companies have issued record amounts of debt this year. The market for corporate deals has been turbocharged since the Fed announced plans to buy corporate bonds and ETFs in March.
Other companies with 40-year bonds include Boeing, S&P Global, Alphabet, Amazon, Coca-Cola, Pepsico and Walt Disney, according to Credit Flow Research. Early talk is that Apple is seeking to offer about $5 billion in total, but that could increase. So far, the 40-year is expected to price at a spread of 135 basis points over the 30-year Treasury yield, but traders expect that to come in even narrower once it prices.
Apple is joining a small but expanding club of companies looking to stretch out the duration of their debt at very low rates. “There are only certain companies the market will allow to do 40 years,” said Andy Brenner of National Alliance. - Patti Domm