NYSE Dow Jones finished today at:

[bigdog]

AUSTRALIA PUBLIC HOLIDAY JUNE 12

https://www.usnews.com/news/busines...s-fall-further-as-technology-tumble-continues

Sudden Technology Tumble Continues as Stocks Fall Further

Big name technology companies continue to take losses as US stock indexes fall for a second day.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes slipped again Monday as technology companies, which were near record highs last week, suffered a second day of sharp losses. Investors are changing course and selling some of the best-performing stocks of the year while buying companies that have struggled.

Technology companies have surged in recent months, and on Monday almost all of the losses came from the big companies that have led the way recently: Apple, Microsoft, Facebook, and Alphabet, Google's parent company. Stocks fell hard in early trading, but gradually recovered part of their losses as the day went on.

Julian Emanuel, an equity strategist for UBS, thinks technology stocks may fall a lot further and wind up 10 percent lower than they were last week. He said the technology companies should continue to do well, but the stocks have done so much better than the rest of the market in recent months that they are due for a downturn.

"Any time that you have that degree of extreme sector outperformance, two things happen: the overall market tends to get a bit more volatile, and the leading group tends to underperform the laggards," he said.

Investors took a new look at some groups of companies that haven't done that well in 2017, including energy, telecommunications and real estate companies. Some of the best-performing stocks fell, including consumer-focused companies, health care companies, utilities and basic materials makers.

The Standard & Poor's 500 index dipped 2.38 points, or 0.1 percent, to 2,429.39. The Dow Jones industrial average, which closed at a record high Friday, lost 36.30 points, or 0.2 percent, to 21,235.67. The Nasdaq composite dropped 32.45 points, or 0.5 percent, to 6,175.46. The Russell 2000 index of small-company stocks slid 2.50 points, or 0.2 percent, to 1,419.21.


Apple shed $3.66, or 2.5 percent, to $145.32 while Alphabet lost $8.31 to $961.81. Facebook fell $1.16 to $148.44 while Microsoft sank 54 cents to $69.78. Other 2017 top performers like Activision Blizzard, Netflix and Skyworks Solutions also tumbled.

Technology stocks have done far better than the rest of the market this year and were close to all-time highs before Friday's drop. The technology component of the S&P 500 index shed 2.7 percent Friday, which erased a month's worth of gains.

General Electric, meanwhile, made its biggest gain in almost two years after it said CEO Jeffrey Immelt will step down after 16 years at the helm. John Flannery, the head of GE's health care division, will take over the post in August. Immelt will remain GE's chairman until the end of this year. In recent years GE has sold or split off numerous businesses, including its financial services division, and focused on new technologies as it returned to its roots as an industrial company.

GE stock gained $1, or 3.6 percent, to $28.94, for its largest one-day jump since October 2015.

Benchmark U.S. crude added 25 cents to $46.08 a barrel in New York. Brent crude, used to price international oils, added 14 cents to $48.29 a barrel in London. Among energy companies, Exxon Mobil rose 80 cents, or 1 percent, to $82.93 and Chevron picked up $1.64, or 1.5 percent, to $108.04.

Energy companies are down 12 percent this year and phone companies have fallen almost 9 percent, but both climbed Monday as investors bought stocks that have struggled this year. Verizon added 47 cents, or 1 percent, to $47.19. Real estate companies have lagged the market this year, and they rose as well.


Stocks that took a rare downturn included Amazon, which dropped $13.48, or 1.4 percent, to $964.83, and drug and medical device maker Baxter International, which lost $1.76, or 3 percent, to $57.15.

The Federal Reserve will meet Tuesday and Wednesday, and investors expect the central bank to raise interest rates for the third time since December.

Emanuel, of UBS, said that if the Fed takes an upbeat view of the economy, investors will likely keep selling technology stocks and put their money into consumer-focused companies, banks, and other industries that should benefit from continued economic growth. But if the Fed is more pessimistic, investors may look for yield and safer investments and buy bonds and high-dividend stocks instead.

Bond prices wobbled and turned lower. The yield on the 10-year Treasury note rose to 2.21 percent from 2.20 percent.

In other energy trading, wholesale gasoline dipped 1 cent to $1.49 a gallon. Heating oil lost less than 1 cent to $1.43 a gallon. Natural gas fell 2 cents to $3.02 per 1,000 cubic feet.

The dollar fell to 109.79 yen from 110.20 yen. The euro inched up to $1.1208 from $1.1195. The British pound continued to fall. It slid to $1.2657 from $1.12724 following the U.K.'s general election, which left the Conservative party with a weaker hold on the government that could affect the country's bargaining position in its exit talks with the European Union.

Gold slipped $2.50 to $1,268.90 an ounce. Silver sank 28 cents to $16.94 an ounce. Copper lost 3 cents to $2.62 a pound.

European stocks also stumbled. France's CAC 40 dropped 1.1 percent and the Germany DAX shed 1 percent. Britain's FTSE 100 lost 0.2 percent. The benchmark Nikkei 225 in Japan slipped 0.5 percent and South Korea's Kospi declined 1 percent. The Hang Seng of Hong Kong lost 1.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-stocks-rebound-as-tech-companies-move-higher

US Stocks Bounce Back to Records as Tech Companies Rise

After two days of losses, stock indexes are trading at record highs again as technology companies rebound.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks bounced back to record highs Tuesday as investors put an end to a two-day drop for technology companies. Energy and consumer-focused companies also made outsize gains.

In a reversal from the two previous days, investors put money into companies that stand to benefit from faster economic growth, including retailers, makers of basic materials like paints and chemicals, energy companies and banks. Big-dividend companies, which are usually considered safer investments, did not do as well as the rest of the market.

Tech companies reversed their losses from Monday, although they remain well below their peak from last week.

"There's no question that the rally in that sector can continue as long as investors' sentiment remains positive," said Brian Rehling, co-head of global fixed income strategy at Wells Fargo Investment Institute. Rehling said he believes tech stocks are a bit too high, but not by a huge amount.

The Standard & Poor's 500 index picked up 10.96 points, or 0.5 percent, to 2,440.35. The Dow Jones industrial average rose 92.80 points, or 0.4 percent, to 21,328.47.

The Nasdaq composite, which has a large concentration of technology companies, rose 44.90 points, or 0.7 percent, to 6,220.37, but did not get back to its record highs. The Russell 2000 index of smaller-company stocks added 6.77 points, or 0.5 percent, to 1,425.98.

Technology companies led the way once again. Facebook rose $2.24, or 1.5 percent, to $150.68 while Microsoft gained 87 cents, or 1.2 percent, to $70.65. Hard drive maker Western Digital added $3.41, or 3.9 percent, to $90.05.

Even after their recent skid, technology companies have done much better than the rest of the market in 2017. Big tech companies like Apple and Alphabet have been responsible for a huge portion of the stock market's gains this year.


Amazon helped retailers trade higher. The online giant picked up $15.88, or 1.6 percent, to $980.79 and Best Buy rose $1.07, or 1.9 percent, to $57.85. Home Depot climbed $1.25, or 1.2 percent, to $153.99.

Among materials companies, Dow Chemical jumped $1.25, or 2 percent, to $65.26 and Sherwin-Williams gained $5.31, or 1.5 percent, to $353.25.

Energy companies joined the gains as the price of oil reversed an early loss. U.S. crude futures added 38 cents to settle at $46.46 a barrel in New York. Brent crude, used to price international oils, picked up 43 cents to $48.72 a barrel in London.

Among energy stocks, Halliburton climbed 92 cents, or 2 percent, to $45.84 and oil refiner Tesoro rose $3.03, or 3.3 percent, to $94.22.

Wholesale gasoline rose 1 cent to $1.50 a gallon. Heating oil finished up 2 cents at $1.45 a gallon. Natural gas slumped 6 cents, or 1.9 percent, to $2.97 per 1,000 cubic feet.

The Federal Reserve began a two-day policy meeting on Tuesday. On Wednesday, investors expect the central bank to raise interest rates for the third time since December. Rehling, of the Wells Fargo Investment Institute, said investors will scrutinize the Fed's views on inflation and how aggressive it will be in raising interest rates in the future.

"The market's going to be looking to see if they're still on track," he said. Rehling added that investors also want to know about the Fed's plan to start reducing its huge portfolio of bonds. He doesn't think that will have much effect on the bond market.

Information technology company Science Applications International Corp. slumped after its sales fell short of Wall Street's projections. The company said tight budgets for customers are hurting its sales, and greater costs affected its profits. The stock lost $6.92, or 8.5 percent, to $74.52.


Restaurant chain Cheesecake Factory said sales at established restaurants have fallen in the current quarter. Those sales, an important measure of how a retailer is doing, down about 1 percent, while FactSet says analysts expected growth of 1.7 percent. The stock lost $5.75, or 9.9 percent, to $52.58.

Verizon officially bought Yahoo's internet business for $4.5 billion. That brought an end to Yahoo's 21 years as a publicly traded company. Yahoo is being combined with AOL in a new Verizon unit called Oath, which is run by AOL CEO Tim Armstrong. Verizon stock lost 73 cents, or 1.5 percent, to $46.46.

Bond prices edged higher. The yield on the 10-year Treasury note dipped to 2.21 percent from 2.22 percent late Monday.

Gold slipped 30 cents to $1,268.60 an ounce. Silver fell 18 cents, or 1 percent, to $16.77 an ounce. Copper dipped 2 cents to $2.60 a pound.

The dollar rose to 109.96 yen from 109.79 yen. The euro inched up to $1.1212 from $1.1208.

Germany's DAX gained 0.6 percent and the CAC 40 in France advanced 0.4 percent. In Britain the FTSE 100 index lost 0.2 percent. Asian markets finished mostly higher. In South Korea the Kospi rose 0.7 percent and the Hang Seng in Hong Kong advanced 0.6 percent. Japan's Nikkei 225 dipped 0.1 percent.

 

[bigdog]

http://abcnews.go.com/Business/wireStory/investors-safety-weak-retail-sales-report-48031733

Stocks slip as investors seek safety after weak sales data

• By marley jay, ap markets writer
  
  

U.S. stocks dipped Wednesday as investors worried about weak retail sales and oil prices sank. The Federal Reserve raised interest rates for the third time in six months.

The Commerce Department said retail spending decreased in May, which surprised experts. Investors reacted by buying traditionally safe assets like government bonds and high-dividend companies while selling stocks from other industries that depend more on economic growth. Bond yields hit their lowest level of 2017. Oil prices also hit an annual low after the government's weekly report on oil stockpiles.

In the last few weeks Wall Street has been disappointed by several economic reports. That did not appear to change the Fed's thinking even though higher interest rates tend to slow down economic growth. For years investors have been hoping growth will hit a faster pace.

"This economy has always been something of a healthy tortoise," said David Kelly, chief global strategist at JPMorgan Asset Management. "I think growth will pick up a bit, but there is sort of a failure to bounce in this economy."

The Standard & Poor's 500 index slid 2.43 points, or 0.1 percent, to 2,437.92. The Dow Jones industrial average rose 46.09 points, or 0.2 percent, to a record 21,374.56. Home Depot and Goldman Sachs contributed most of the blue-chip index's gain. After a late tumble in technology stocks, the Nasdaq composite lost 25.48 points, or 0.4 percent, to 6,194.89.

Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 8.41 points, or 0.6 percent, to 1,417.57. That suggests investors are worried about the economy, which could have an outsize effect on smaller, domestically-focused companies.

The Federal Reserve raised interest rates for the third time since December, something investors widely expected based on the Fed's recent statements. Fed leaders suggested they still expect to raise rates again later in the year.

The Commerce Department said people spent less money at gas stations, department stores and electronics retailers last month. Video game seller GameStop gave up 35 cents, or 1.6 percent, to $21.55 and department store chain Kohl's dropped 38 cents, or 1 percent, to $37.66.

In a separate report, the Labor Department said consumer prices slipped, partly because of lower energy prices. That's one reason there has been little inflation in the economy lately, a continued concern for Federal Reserve policymakers.

Bond prices jumped. The yield on the 10-year Treasury note fell to 2.13 percent from 2.21 percent. Earlier, the 10-year note hit its lowest level since November.

Among big dividend payers, cereal maker General Mills rose 58 cents, or 1 percent, to $58.64 and PepsiCo advanced $1.05 to $117.37. American Water Works rose $1.14, or 1.4 percent, to $81.32.

Oil futures plunged after the U.S. government said oil supplies shrank only slightly last week while gasoline stockpiles grew. Benchmark U.S. crude fell $1.73, or 3.7 percent, to settle at $44.73 a barrel in New York. Brent crude, used to price international oils, shed $1.72, or 3.5 percent, to close at $47 a barrel in London.

Exxon Mobil lost 89 cents, or 1.1 percent, to $82.07 and Anadarko Petroleum sank $1.94, or 3.9 percent, to $47.28.

The Fed also gave more details about its plans to shrink its bond portfolio. Later this year it will reduce the amount of principal payments it invests in new bonds. It does not plan to sell any bonds.

Investors have been pleased that the Fed is disclosing details of its plans and doesn't intend to move too quickly. Still, Kelly, of JPMorgan Asset Management, said he thinks that will have a big effect on the bond market: as the Fed lets its balance sheet shrink and buys fewer bonds, prices will fall and yields will rise.

The dollar slid to 109.53 yen from 109.96 yen. The euro edged up to $1.1220 from $1.1212.

Biotech drugmaker Biogen fell and competitor Alexion Pharmaceuticals rose after the companies said Biogen Chief Financial Officer Paul Clancy will become Alexion's CFO at the end of July. Analysts said Wall Street has a lot of respect for Clancy, who has been Biogen's CFO for 10 years.

Biogen gave up $8.05, or 3.1 percent, to $253.37 and Alexion jumped $10, or 9.3 percent, to $118.

Gold rose $7.30 to $1,275.90 an ounce. Silver jumped 37 cents, or 2.2 percent, to $17.14 an ounce. Copper slipped 2 cents to $2.57 a pound.

In other energy trading, wholesale gasoline sank 7 cents, or 4.5 percent, to $1.43 a gallon. Heating oil lost 4 cents, or 2.6 percent, to $1.41 a gallon. Natural gas fell 3 cents, or 1.1 percent, to $2.93 per 1,000 cubic feet.

Germany's DAX advanced 0.3 percent and the CAC-40 in France lost 0.4 percent. The British FTSE 100 fell 0.3 percent. Tokyo's Nikkei 225 retreated 0.1 percent and the Hang Seng Index in Hong Kong advanced 0.1 percent. In South Korea the Kospi retreated 0.1 percent.

 

[Kaban]

Hello, it seems to be a good trade. Long from 66.40 ERX/XLE mid term.
What you think.
Here is the chart if you want.

 

[bigdog]

https://www.usnews.com/news/busines...ve-lower-as-technology-companies-keep-falling

Skidding Tech and Retail Companies Take US Stocks Lower

US stocks take modest losses as technology companies, retailers and smaller companies lose ground.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks fell Thursday as technology firms and small companies skidded. Investors bought high-dividend stocks, which pulled the market away from steeper losses.

Stocks dropped in early trading as investors reacted to rising interest rates in the U.S. while the Bank of England came unexpectedly close to raising U.K. interest rates for the first time in 10 years. Smaller, more domestically-oriented companies fell as investors wondered if the expanding special counsel investigation in Washington will affect President Donald Trump's proposed agenda of cuts in taxes and regulations.

"Investors are getting a bit antsy waiting for these pro-growth policies," said Karyn Cavanaugh of Voya Investment Strategies.

Elsewhere, technology companies continued their recent slump, while shoe retailer Nike and toy maker Mattel both fell. But industrial companies rose on new signs U.S. manufacturing has steadied, and utilities and real estate companies did well.

The Standard & Poor's 500 index lost 5.46 points, or 0.2 percent, to 2,432.46. It fell as much as 19 points in the morning. The Dow Jones industrial average dipped 14.66 points, or 0.1 percent, to 21,359.90 after it closed at a record high Wednesday. The Nasdaq composite dropped 29.39 points, or 0.5 percent, to 6,165.50. The Russell 2000 index of small-company stocks fell 7.49 points, or 0.5 percent, to 1,410.08.

Technology companies, which have done far better than the rest of the market this year, continued to slide. Apple gave up 87 cents to $144.29 and Alphabet, Google's parent company, sank $7.75 to $960.18. Symantec shed 68 cents, or 2.3 percent, to $28.41. The stocks have been slipping since Friday and the Nasdaq is on track for its second consecutive weekly loss.


Nike declined $1.76, or 3.2 percent, to $52.90 after the company said it will eliminate 1,400 jobs, or about 2 percent of its staff positions, and reduce the number of sneaker styles it sells by about a quarter. Amazon dipped $12.30, or 1.3 percent, to $964.17.

Grocery chain Kroger took its biggest one-day loss since 1999. The company cut its annual profit outlook as it deals with growing competition from discount chain Aldi and from Lidl, a German chain opening its first locations in the U.S. Kroger's stock plunged $5.72, or 18.9 percent, to $24.56. Competitor Supervalu fell 30 cents, or 7.4 percent, to $3.76.

Mattel said wants to restructure its business to help bring new products to market faster. It will also reduce its dividend payments, although it didn't say how much. The stock fell $1.48, or 6.7 percent, to $20.67.

The Washington Post reported late Wednesday that the special counsel investigating Russian influence in the presidential campaign is now examining whether President Trump tried to obstruct justice. Allegations of obstruction arose last month when he fired FBI Director James Comey.

Trump has touted an agenda aimed at getting the economy to grow faster. That could help smaller companies because they are more domestically focused and thus more dependent on economic growth. Those stocks made dramatic gains after Trump was elected.

On Thursday subprime consumer lender World Acceptance lost $10.30, or 12.4 percent, to $73. Diagnostic imaging company Lantheus Holdings fell $1.45, or 8.9 percent, to $14.80. Publisher Time sank 55 cents, or 3.9 percent, to $13.45.

Materials companies stumbled after steel maker Nucor gave a disappointing forecast for the current quarter. Nucor said its steel mills are struggling this quarter because of aggressive competition, and its stock surrendered $4.51, or 7.6 percent, to $54.60.


As the dollar regained strength, the price of gold sank $21.30, or 1.7 percent, to $1,254.60 an ounce and silver lost 42 cents, or 2.5 percent, to $16.72 an ounce. Copper lost 1 cent to $2.57 a pound.

The Bank of England left interest rates alone, but came closer to raising interest rates than many expected. Three of the eight members of its Monetary Policy Members wanted to raise rates by a quarter-point. A growing number of its policy makers seem to be worried about a spike in inflation that is eating into the living standards of the British.

Germany's DAX fell 0.9 percent while the FTSE 100 in Britain dropped 0.7 percent. The CAC-40 in France sank 0.5 percent. Japan's Nikkei 225 stock index fell 0.3 percent and South Korea's Kospi sank 0.5 percent. The Hang Seng in Hong Kong dropped 1.2 percent.

On Wednesday the Federal Reserve raised U.S. interest rates for the third time in about six months, and suggested it will raise rates again later this year.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.16 percent from 2.13 percent. Stocks that pay large dividends, including utilities, real estate investment trusts and phone companies, did better than the rest of the market.

Benchmark U.S. crude fell another 27 cents to $44.46 a barrel in New York. Brent crude, used to price international oils, lost 8 cents to $46.92 a barrel in London.

Wholesale gasoline remained at $1.44 a gallon. Heating oil stayed at $1.42 a gallon. Natural gas jumped 12 cents, or 4.2 percent, to $3.06 per 1,000 cubic feet.


The dollar rose to 110.86 yen from 109.53 yen. The euro dropped to $1.1155 from $1.1220.

 

[bigdog]

https://www.usnews.com/news/busines...mazon-whole-foods-deal-hammers-grocery-stores

Amazon-Whole Foods Deal Hammers Grocery Stores; Dow Ticks Up

US stocks finish barely higher, but grocery stores, wholesale clubs and other retailers drop after Amazon said it will buy Whole Foods.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Amazon's $13.4 billion deal for Whole Foods sent grocery stores, big retailers, and food makers and distributors plunging Friday. Energy companies rose while other stocks were little changed.

It's rare for a single deal to have a big effect on the broader stock market, but Amazon's agreement to buy Whole Foods Market did. Investors wondered if Amazon will do to grocery stores and supermarkets what it's done to sellers of goods like clothing and office supplies: force them to make big changes or be supplanted.

Neil Saunders, managing director of the research firm Global Data Retail, said Amazon is likely to push supermarkets and grocery stores to slash prices, which will affect the companies that make and distribute those products.

"As Amazon enters the grocery market proper, it will put a lot more pressure on existing grocers," he said. "Those grocers will respond by cutting prices and that will cut profits for the distributors."

Elsewhere, energy companies rose as oil futures bounced back from their lowest price this year and utilities and industrial and basic materials ground out modest gains.

Thanks to a late gain, the Standard & Poor's 500 index inched up 0.69 points to 2,433.15. The Dow Jones industrial average added 24.38 points, or 0.1 percent, to a record high of 21,384.28. The Nasdaq composite fell 13.74 points, or 0.2 percent, to 6,151.76. The Russell 2000 index of smaller company stocks shed 3.36 points, or 0.2 percent, to 1,406.73.

Online juggernaut Amazon said it pay $42 a share for Whole Foods. Whole Foods had been the target of sale rumors for about two months, and investors appeared to wonder Friday if another bidder may step in. Its stock jumped $9.62, or 29.1 percent, to a two-year high of $42.68. Amazon climbed $23.54, or 2.4 percent, to $987.71.


Many investors had expected Amazon to get into the grocery business. It already runs AmazonFresh, a grocery delivery service that costs $14.99 a month for members of its Prime service, and it recently opened a few grocery stores. Investors dumped retailers, drugstores, and even discount chains. Many of them have started trying to sell more groceries in the last few years to try to capitalize on shoppers' yen for fresher, more natural food. That was a trend Whole Foods helped start.

Wal-Mart had its worst day in more than a year as it fell $3.67, or 4.7 percent, to $75.24. Costco took its biggest loss in almost six years as it sank $12.95, or 7.2 percent, to $167.11. Target tumbled $2.85, or 5.1 percent, to $52.61.

Amazon is a unique threat to many retailers because it doesn't mind losing money for long stretches. The company might be able to sell inexpensive groceries as it makes its money from its cloud computing business and its gigantic online marketplace.

"Is the future of grocery store shopping going to be a point and click experience, or is it going to be going to a grocery store?" said Dan Morgan, senior portfolio manager at Synovus Trust.

Supermarkets and grocery stores had also plunged Thursday after Kroger cut its annual forecast. Kroger, which plunged 19 percent a day ago, lost another $2.27, or 9.2 percent, and hit a three-year low of $22.29. Sprouts Farmers Market skidded $1.41, or 6.3 percent, to $21.01.

Campbell Soup fell $1.91, or 3.4 percent, to $55.05 and General Mills dipped $1.73, or 2.9 percent, to $57.10. United Natural Foods dropped $4.36, or 11 percent, to $35.39.


Benchmark U.S. crude rose 28 cents to $44.74 a barrel in New York. Brent crude, used to price international oils, climbed 45 cents, or 1 percent, to $47.37 a barrel in London. Occidental Petroleum jumped $2.43, or 4.1 percent, to $61.83 and Chevron gained $2.02, or 1.9 percent, to $108.35.

Wholesale gasoline rose 2 cents to $1.45 a gallon. Heating oil added 1 cent to $1.43 a gallon. Natural gas dipped to 2 cents to $3.04 per 1,000 cubic feet.

Defense contractor Booz Allen Hamilton tumbled after it said the Department of Justice is investigating its accounting practices and the way it charges the U.S. government. The company said it is cooperating with the investigation and its own auditing hasn't turned up any major erroneous costs or problems. The stock fell $7.43, or 18.9 percent, to $31.90.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.16 percent from 2.17 percent. The yield on the 2-year Treasury note fell to 1.31 percent from 1.35 percent.

Gold rose $1.90 to $1,256.50 an ounce. Silver slipped 6 cents to $16.66 an ounce. Copper stayed at $2.56 a pound.

The dollar edged up to 110.84 yen from 110.79 yen. The euro rose to $1.1195 from $1.1155.

European stock indexes rose after Greece reached a deal with its eurozone creditors. The agreement means the country won't face the risk of bankruptcy when it has to make a big debt payment next month. France's CAC 40 added 0.9 percent and the DAX in Germany climbed 0.5 percent. Britain's FTSE 100 gained 0.6 percent.

Japan's Nikkei 225 stock index rose 0.6 percent after the Bank of Japan said there are signs of improvement in the world's third-largest economy. South Korea's Kospi finished little changed. Hong Kong's Hang Seng rebounded 0.2 percent.

9186

 

[bigdog]

https://www.usnews.com/news/busines...exes-follow-global-markets-higher-led-by-tech

With Tech Giants Back in Charge, Stocks Hit Records Again

U.S. stock indexes climbed again to record heights on Monday, led by technology companies.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Apple and other big-name technology stocks got back to their winning ways Monday and helped drive U.S. indexes once again to record heights.

The Standard & Poor's 500 index rose 20.31 points, or 0.8 percent, to 2,453.46 and surpassed its old record, set nearly a week ago, by half a percent. The Dow Jones industrial average added 144.71 points, or 0.7 percent, to 21,528.99, and the Nasdaq composite jumped 87.25, or 1.4 percent, to 6,239.01.

Tech heavyweights, which had been among the stock market's biggest stars until recently, led the way. After being up more than 20 percent for the year, tech stocks in the S&P 500 fell sharply two Fridays ago on worries that they had risen too much, too quickly. In a little more than a week, tech stocks lost about a fifth of their year-to-date gains.

On Monday, Apple rose for just the second time since two Thursdays ago. It jumped $4.07, or 2.9 percent, to $146.34 for its second-best day of the year so far. Google's parent, Alphabet, rose $16.60, or 1.7 percent, to $975.22. Altogether, tech stocks in the S&P 500 rose 1.7 percent, the largest gain among the 11 sectors that make up the index.

It's just the latest example of investors steeling themselves and "buying the dip." Every time the stock market has shown any weakness in the last eight years, it's proven to be a good move for investors to buy. That's because stocks have ended up erasing any losses incurred, only to move higher. That long track record has trained investors to pounce whenever they see a dip, and analysts have noticed how ingrained the instinct has become.

"It's concerning, but I don't see what breaks it at this point of time," said Nate Thooft, senior portfolio manager at Manulife Asset Management. "It's going to be really, really hard to predict what that circumstance is. For the time being, investors are thinking, 'We can't afford not to be in this market, and we'll continue to play along with the dynamics of the gradual melt-up.'"


Thooft expects stocks to continue rising, even with prices high, because bonds look less attractive. Plus, profit growth is improving for companies, which helps to justify their stock price gains.

The biggest gainer in the S&P 500 Monday was PerkinElmer, which sells testing equipment and scientific instruments. It jumped $4.16, or 6.5 percent, to $67.73 after it agreed to buy EUROIMMUN Medical Laboratory Diagnostics of Germany for $1.3 billion in cash.

On the other end was energy company EQT, which fell $5.26, or 9 percent, to $53.51 for the largest loss in the index. It agreed to buy Rice Energy for $6.7 billion in cash and stock in a deal that EQT said will make it the country's largest producer of natural gas. Rice surged $4.88, or 24.8 percent, to $24.57.

In overseas markets, European shares rose after French voters gave their new president a political majority in parliament. The vote "will lend him enough support to rapidly implement his pro-business reform program," said Marion Amiot, senior economist at Oxford Economics. She raised her forecast for French economic growth for 2018 to 1.7 percent from 1.6 percent.

The French CAC 40 gained 0.9 percent, and Germany's DAX rose 1.1 percent. The FTSE 100 in London rose 0.8 percent as the United Kingdom opened negotiations to withdraw from the European Union.

In Asia, Japan's Nikkei 225 added 0.6 percent, the Hang Seng in Honk Kong climbed 1.2 percent and South Korea's Kospi gained 0.4 percent.


Bond prices fell, which sent yields higher. The yield on the 10-year Treasury rose to 2.18 percent from 2.15 percent late Friday. The two-year yield climbed to 1.35 percent from 1.31 percent, and the 30-year yield ticked up to 2.79 from 2.77 percent.

The dollar rose to 111.54 Japanese yen from 110.84 yen late Friday. The euro fell to $1.1147 from $1.1195, and the British pound slipped to $1.2729 from $1.2780.

In the commodities markets, benchmark U.S. crude fell 54 cents to settle at $44.43 per barrel. Brent crude, the international standard, fell 46 cents to settle at $46.91 a barrel.

Natural gas sank 14 cents to $2.89 per 1,000 cubic feet, heating oil fell 2 cents to $1.41 per gallon and wholesale gasoline held relatively steady at $1.45 per gallon.

Gold fell $9.80 to settle at $1,246.70 per ounce, silver lost 16 cents to $16.50 per ounce and copper added 3 cents to $2.59 per pound.

 

[bigdog]

https://www.usnews.com/news/business/articles/2017-06-20/slumping-oil-prices-rein-in-stock-indexes

Oil's Slide to Lowest Price of the Year Pulls Stocks Lower

The price of oil slumped to its lowest level of the year on Tuesday and helped to restrain U.S. stock indexes, which set records a day earlier.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes retreated from their record heights Tuesday after a slump in the price of oil weighed on energy companies.

The Standard & Poor's 500 index fell 16.43 points, or 0.7 percent, to 2,437.03, and the Dow Jones industrial average lost 61.85 points, or 0.3 percent, to 21,467.14. Both the S&P 500 and Dow set records on Monday thanks to big gains from technology stocks.

The Nasdaq composite lost 50.98 points, or 0.8 percent, to 6,188.03, and the Russell 2000 index of small-cap stocks fell 15.11, or 1.1 percent, to 1,402.97.

Losses were widespread across the market, with five stocks dropping on the New York Stock Exchange for every two that rose. Many of the sharpest declines were concentrated in the energy sector, as the price of oil touched its lowest price since mid-November.

Benchmark U.S. crude lost 97 cents, or 2.2 percent, to settle at $43.23 per barrel, and Brent crude, the international standard, fell 89 cents to $46.02 per barrel.

The price of oil has been sloshing between $40 and $55 per barrel for much of the last year, down from a peak of more than $110 in the summer of 2013. Drillers have gotten much better at pulling oil from the ground, which has helped supplies to balloon and correspondingly weighed on prices. Many oil-producing countries have banded together to cut production in hopes of limiting supplies, but analysts are skeptical about how much they can influence prices.

One of the main reasons for the stock market's climbing to record after record this year has been the resurgence in profit growth for big companies, and the energy sector is expected to play a leading role in that. Analysts forecast energy companies in the S&P 500 will report better than 300 percent growth in their earnings per share this year. But if the price of oil keeps dropping, that's at risk.


John Manley, chief equity strategist at Wells Fargo Funds Management, is still optimistic that expectations for earnings across the market can keep rising. Lower oil prices would undercut profits for energy stocks, but they should also help other industries that will be paying lower fuel bills. And as long as profits continue to rise, Manley says stocks can too.

"Earnings are starting to re-accelerate," he said. "It may stop tomorrow, and if it does, well, I'll change my mind tomorrow. But right now, earnings are growing."

Tuesday's slump for oil led shares of Transocean to drop 36 cents, or 4.2 percent, to $8.20 and Marathon Oil to lose 43 cents, or 3.4 percent, to $12.06.

The worst-performing stock in the S&P 500 was Chipotle Mexican Grill, which lost $33.31, or 7.3 percent, to $425.60 after analysts cut their profit estimates for the restaurant chain. Chipotle said marketing costs will eat up a slightly bigger percentage of revenue this quarter than in the first three months of the year.

On the opposite end was homebuilder Lennar, which rose $1.13, or 2.1 percent, to $53.87 after reporting stronger revenue and earnings for the latest quarter than analysts expected.

Parexel International, a biopharmaceutical services provider, jumped $3.12, or 3.7 percent, to $87.04 after it said it will go private following a buyout by Pamplona Capital Management.

In the Treasury market, bond prices rose, which caused yields to fall. The yield on the 10-year Treasury note sank to 2.15 percent from 2.19 percent late Monday. The two-year yield dropped to 1.34 percent from 1.36 percent, and the 30-year yield fell to 2.73 percent from 2.79 percent.


The British pound fell to $1.2629 from $1.2729 after the Bank of England cooled market expectations that it may soon raise interest rates.

The euro dipped to $1.1128 from $1.1147, and the dollar slipped to 111.41 Japanese yen from 111.54 yen.

In the commodities markets, gold dipped $3.20 to settle at $1,243.50 per ounce, silver lost 9 cents to $16.42 per ounce and copper dropped 4 cents to $2.55 per pound.

Natural gas rose a penny to $2.91 per 1,000 cubic feet, heating oil fell 2 cents to $1.39 per gallon and wholesale gasoline lost 3 cents to $1.42 per gallon.

In overseas markets, the French CAC 40 slipped 0.3 percent, the German DAX lost 0.6 percent and the FTSE 100 fell 0.7 percent.

The Japanese Nikkei 225 rose 0.8 percent, the Hang Seng in Hong Kong fell 0.3 percent and South Korea's Kospi dipped 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...exes-hold-steady-as-the-price-of-oil-steadies

Energy Stocks Dive Anew, Offset Tech Gains; US Indexes Mixed

U.S. stock indexes ended mixed after another dive for energy stocks offset gains for health care and tech stocks.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Energy stocks dove again on Wednesday as oil dropped to its lowest price since last summer, extending their dismal start to the year. Gains for health care and technology stocks helped hem in losses for broader market indexes.

The Standard & Poor's 500 index dipped 1.42 points, or 0.1 percent, to 2,435.61. The Dow Jones industrial average fell 57.11, or 0.3 percent, to 21,410.03, and the Nasdaq composite rose 45.92, or 0.7 percent to 6,233.95.

"The story truly is energy right now," said JJ Kinahan, chief market strategist at TD Ameritrade.

Crude dropped for a third straight day and touched its lowest price since August on expectations that supplies of oil will far outweigh demand. Even a report showing that the amount of supplies in U.S. inventories shrank last week did little to alter the tide.

Benchmark U.S. crude lost 98 cents, or 2.3 percent, to settle at $42.53 per barrel. Brent crude, the international standard, fell $1.20, or 2.6 percent, to $44.82 a barrel.

The price of oil has now dropped more than 20 percent this year, breaking into what traders call a bear market. How much of an impact that will have on most 401(k) accounts will depend on how much it undercuts energy companies' profits, and whether the pain will spill into other areas of the market.

Accelerating corporate profits and expectations that they'll continue have been a big reason for the stock market's rise this year, and energy companies had been forecast to provide some of the biggest gains.

"We're in the warning area here, between $40 and $44," Kinahan said of the price of oil. "If we get below $40, I think you'll get people adjusting their expectations."

Energy stocks in the S&P 500 tumbled 1.6 percent, a day after falling 1.2 percent. They are down nearly 15 percent for the year, when the overall S&P 500 is up 8.8 percent.


Losses for the broad S&P 500 were milder on Wednesday because of strong gains for health care and technology stocks.

Red Hat, an open-source software company, surged to one of the biggest gains in the index after reporting better-than-expected earnings for its latest quarter. Its forecast for revenue and earnings this fiscal year also topped analysts' expectations. Its stock rose $8.62, or 9.6 percent, to $98.58.

La-Z-Boy jumped $5.80, or 22.1 percent, to $32.00 after reporting quarterly earnings that easily topped analysts' expectations. Its customers have been shifting toward higher-priced and more profitable products for the company, such as leather.

In overseas markets, the Shanghai composite rose 0.5 percent after index provider MSCI said it will include 222 of what are called Chinese A-shares in its widely followed Emerging Markets index. The move, which will begin next year, will likely cause big shifts of money into mainland Chinese stocks by mutual funds and other investors that track the index.

MSCI has been considering including A-shares in its index for years but had demurred until now due to a range of concerns, such as how inaccessible they were for foreign investors. China has since started a "Stock Connect" program that links mainland Chinese stocks with the Hong Kong market to make them more accessible, among other changes.

In Europe, France's CAC 40 fell 0.4 percent, Germany's DAX lost 0.3 percent and the FTSE 100 in London slipped 0.3 percent. In Asia, Japan's Nikkei 225 index fell 0.5 percent, South Korea's Kospi lost 0.5 percent and the Hang Seng in Hong Kong dropped 0.6 percent.


The 10-year Treasury yield held steady at 2.16 percent. The two-year yield dipped to 1.34 percent from 1.35 percent late Tuesday, and the 30-year yield fell to 2.73 percent from 2.74 percent.

The British pound rose to $1.2668 from $1.2629 late Tuesday. The euro rose to $1.1167 from $1.1128, and the dollar dipped to 111.34 Japanese yen from 111.41 yen.

In the commodities markets, gold rose $2.30 to settle at $1,245.80 per ounce, silver slipped 4 cents to $16.37 per ounce and copper added 5 cents to $2.60 per pound. Natural gas fell 1 cent to $2.89 per 1,000 cubic feet, heating oil fell 3 cents to $1.36 per gallon and wholesale gasoline fell 1 cent to $1.41 per gallon.

 

[bigdog]

https://finance.yahoo.com/news/us-stock-indexes-hold-steady-140605039.html

US stock indexes hold steady as oil's dismal week eases

Stan Choe, AP Business Writer

NEW YORK (AP) -- U.S. stock indexes held steady Thursday after the price of oil halted its slide, at least for now.

Energy stocks fell again, but not by nearly as much as earlier in the week, after crude rose for the first time in four days. Big gains for health care stocks also helped to offset losses for financial companies and other areas of the market, leaving indexes close to flat.

The Standard & Poor's 500 index edged down by 1.11 points, or less than 0.1 percent, to 2,434.50. The Dow Jones industrial average dipped 12.74, or 0.1 percent, to 21,397.29, and the Nasdaq composite index rose 2.73 points, or less than 0.1 percent, to 6,236.69.

Markets this week have been dominated by oil's tumbling price and worries about how much it will affect the broader market. Benchmark U.S. crude rose 21 cents to settle at $42.74 per barrel, and Brent crude, the international standard, added 40 cents to $45.22 per barrel. It may not sound like much, but it's a big shift in momentum from earlier in the week, when oil dropped to its lowest level since August on expectations that supplies will exceed demand.

Energy stocks in the S&P 500 dipped by 0.1 percent, a much milder drop than the prior two days, when they fell at least 1.2 percent.

Helping to support indexes were health care stocks, which have been shooting higher this week even as the rest of the market struggled. Health care stocks in the S&P 500 jumped 1.1 percent, by far the biggest gain among the 11 sectors that make up the index, after the Senate unveiled its proposal to revamp how Americans get medical care. The sector is up 3.7 percent for the week when the overall index is up just 0.1 percent.

Envision Healthcare, which provides physician and ambulance services, jumped $2.06, or 3.5 percent, to $60.30. HCA Healthcare, which owns hospitals around the country, rose $2.09, or 2.5 percent, to $86.14, and biopharmaceutical company Gilead Sciences added $2.98, or 4.4 percent, to $70.48.

Expectations used to be high that big changes coming out of Washington, such as lower tax rates, would help businesses make bigger profits and markets to rise higher. That's much less the case today.

"Expectations have gotten so low, as far as what's going to come out of this administration," said Jon Adams, senior investment strategist at BMO Global Asset Management. "Most think some kind of health reform will get done, but tax reform is a coin flip, and the expectation is it will be very, very modest if it does get through."

The stock market has remained resilient, but the "Trump bump" has faded for other areas as expectations have waned. Interest rates have dropped, and small-cap stocks are lagging behind their larger rivals, for example.

But that means if a big tax-reform package and other pro-business policies do happen, it could mean big gains for markets that don't see them coming, Adams said.

The day's biggest gainer in the S&P 500 was Oracle, which jumped $3.97, or 8.6 percent, to $50.30 after reporting stronger revenue and earnings for its latest quarter than analysts expected. Technology companies are expected to report some of the strongest earnings growth for the April-through-June quarter, one of the reasons their stocks have been leading the market this year.

On the opposite end was Accenture, which fell $5.03, or 4 percent, to $122.08. The consulting company reported quarterly earnings that were in line with analysts' expectations, but it also trimmed the top end of its forecast for revenue growth this year, when taking changes in foreign-currency values into account.

The 10-year Treasury yield held steady at 2.15 percent, while the two-year yield fell to 1.34 percent from 1.35 percent late Wednesday, and the 30-year yield dipped to 2.72 percent from 2.73 percent.

The euro fell to $1.1147 from $1.1167 late Wednesday, and the British pound dipped to $1.2672 from $1.2668. The dollar held steady at 111.34 Japanese yen.

In overseas stock markets, the French CAC 40 rose 0.1 percent, the German DAX rose 0.2 percent and the FTSE 100 in London lost 0.1 percent. Japan's Nikkei 225 index slipped 0.1 percent, South Korea's Kospi added 0.5 percent and the Hang Seng in Hong Kong slipped 0.1 percent.

Gold rose $3.60 to $1,249.40 per ounce, silver added 14 cents to $16.51 and copper was flat at $2.60 per pound.

Natural gas was close to flat at $2.89 per 1,000 cubic feet, heating oil rose 1 cent to $1.37 per gallon and wholesale gasoline added 2 cents to $1.43 per gallon.

 

[bigdog]

https://www.usnews.com/news/busines...s-in-early-trade-s-p-500-headed-for-flat-week

US Indexes Inch Higher as Energy Stocks Claw From the Hole

U.S. indexes inched higher Friday as energy stocks clawed back some of their sharp losses from earlier in the week.

Press

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes nudged higher Friday after energy companies clawed back some of their sharp losses from earlier in the week.

After meandering up and down through the day, the Standard & Poor's 500 rose 3.80 points, or 0.2 percent, to end at 2,438.30. The Dow Jones industrial average slipped 2.53 points, or less than 0.1 percent, to 21,394.76, and the Nasdaq composite gained 28.56, or 0.5 percent, to 6,265.25. More than twice as many stocks rose than fell on the New York Stock Exchange.

Energy stocks led the way, and those in the S&P 500 climbed 0.8 percent for the largest gain of the 11 sectors that make up the index.

Rising prices for oil and natural gas drove the gains. Benchmark U.S. crude added 27 cents to settle at $43.01 per barrel. Brent crude, the international standard, gained 32 cents to $45.54 and natural gas rose 4 cents, or 1.2 percent, to $2.93 per 1,000 cubic feet.

EQT, a producer of natural gas and crude, had the day's biggest gain in the S&P 500 and jumped $4.16, or 8 percent, to $56.19. Cabot Oil & Gas climbed 88 cents, or 3.8 percent, to $23.74.

Friday's gains, though, weren't enough to keep energy stocks from closing out their worst week in nine months. They had earlier sunk four straight days as oil dropped to its lowest price since August on expectations that the world has more crude supplies than users need. Energy stocks lost 2.9 percent over the course of the week.

What kept broad indexes afloat for the week were big gains for health care and technology stocks. The S&P 500 rose 0.2 percent for the week.

Health care stocks climbed as the Senate unveiled its proposal to revamp how Americans get medical care. Technology companies, meanwhile, are forecast to report strong growth in the upcoming earnings season, and Oracle's profit report on Wednesday sailed past analysts' expectations.


"In terms of the overall market, what you really worry about with oil is what it does to earnings," said Steve Chiavarone, portfolio manager at Federated Investors. A big pickup in corporate profits has been one of the main reasons for the stock market's continued climbs this year, and energy companies had been forecast to provide some of the strongest growth in 2017.

With the price of oil about 15 percent below where it was a year ago, energy companies' profits may be at risk. But as long as oil's price can hold close to where it is, "that's good enough given that there's corporate profit growth everywhere else," Chiavarone said.

Friday's biggest decliner in the S&P 500 was Bed Bath & Beyond, which reported weaker earnings for the latest quarter than analysts expected. The retailer's revenue also fell short of Wall Street's forecasts. Its shares fell $4.09, or 12.1 percent, to $29.65.

Bond prices were little changed, and yields held relatively steady. The 10-year Treasury yield dipped to 2.14 percent from 2.15 percent late Thursday. The two-year yield was flat at 1.34 percent, and the 30-year yield held at 2.72 percent.

The dollar slipped to 111.26 Japanese yen from 111.34 yen late Thursday. The euro rose to $1.1199 from $1.1147, and the British pound rose to $1.2722 from $1.2672.

In European stock markets, France's CAC 40 fell 0.3 percent, Germany's DAX lost 0.5 percent and the FTSE 100 slipped 0.2 percent.

A monthly survey revealed that a measure of economic strength in the 19-country Eurozone slipped to a five-month low in June, which was below market expectations. However, the IHS Markit composite purchasing managers' index indicated that job creation and business confidence were still robust.


Japan's Nikkei 225 index added 0.1 percent, South Korea's Kospi rose 0.3 percent and the Hang Seng in Hong Kong was close to flat.

In the commodities market, gold rose $7.00 to settle at $1,256.40 ounce. Silver added 14 cents to $16.65 per ounce, and copper rose 3 cents to $2.62 per pound.

Heating oil was close to flat at $1.37 per gallon and wholesale gasoline was little changed at $1.43 per gallon.

9557

 

[bigdog]

https://www.usnews.com/news/busines...stocks-move-higher-in-early-trading-oil-rises

US Stock Indexes Close Mostly Higher; Oil Recovers

U.S. stock indexes closed mostly higher, snapping a four-day losing streak for the Dow Jones industrial average on a day of largely listless trading

By ALEX VEIGA, AP Business Writer

U.S. stock indexes closed mostly higher Monday, snapping a four-day losing streak for the Dow Jones industrial average on a day of largely listless trading.

Utilities led the gainers as falling bond yields made high-dividend companies more attractive to income-seeking investors. Phone companies and real estate investment trusts, which also tend to offer high yields, notched gains. Financial stocks also did well. Technology companies declined the most, giving up gains from an early rally.

"It's a pretty low volatility day and a continuation of the trend we saw last week, which is equity markets largely treading water," said Bill Northey, chief investment officer at the private client group at U.S. Bank Wealth Management.

The Standard & Poor's 500 index added 0.77 points, or 0.03 percent, to 2,439.07. The Dow gained 14.79 points, or 0.1 percent, to 21,409.55. The Nasdaq composite slid 18.10 points, or 0.3 percent, to 6,247.15. The Russell 2000 index of small-company stocks picked up 1.86 points, or 0.1 percent, to 1,416.64.

The major stock indexes were headed slightly higher in early trading, but spent much of the day wavering between small gains and losses.

Early on, investors got some discouraging news on the economy from the Commerce Department, which reported that orders for durable goods, which are items meant to last at least three years, slid 1.1 percent in May. That was the second straight decline and a bigger drop than analysts were expecting.

That helped pull down U.S. bond yields, which have already been weighed down by increased demand from overseas bond investors seeking better yields and persistently low inflation in the U.S. The yield on the 10-year Treasury note was down to 2.12 percent earlier Monday before bouncing back to 2.14 percent by late afternoon.


The trend made high-dividend stocks favorite buys for many investors seeking income, including utilities such as FirstEnergy and Exelon.

FirstEnergy climbed $1.18, or 4.1 percent, to $30.09, while Exelon gained 71 cents, or 1.9 percent to $37.21.

Several real estate investment trusts also climbed.

Kimco Realty rose 48 cents, or 2.7 percent, to $18.47. CBRE Group picked up $1.13, or 3.2 percent, to $36.48.

Store Capital jumped 11.3 percent on news that Warren Buffett's Berkshire Hathaway is buying a 9.8 percent stake in the real estate investment trust. The stock gained $2.34 to $23.11.

Traders also bid up shares in companies undergoing executive suite changes.

Pandora Media rose 2.2 percent following reports that the streaming music service's founder and CEO Tim Westergren is stepping down. The stock picked up 18 cents to $8.46.

Supervalu gained 3.1 percent after the grocery store operator said Bruce Besanko would step down as chief financial officer. The stock climbed 9 cents to $3.03.

Technology sector companies were down the most, reversing course after an early rally. Qorvo slid $3.53, or 5.1 percent, to $66.41. Skyworks Solutions fell $3.04, or 2.9 percent, to $101.32.

Arconic was the biggest decliner in the S&P 500 index. The stock slumped 6 percent after a published report asserted that the company knowingly supplied flammable panels for London's Grenfell Tower, where a fire June 14 left 79 people dead or missing. Arconic slid $1.53 to $24.01.

Crude oil prices recovered after wavering in early trading. Benchmark U.S. crude rose 37 cents, or 0.9 percent, to settle at $43.38 a barrel in New York. Brent, the international standard, gained 29 cents, or 0.6 percent, to close at $45.83 a barrel in London. Oil prices last week hit their lowest point since August and about 15 percent below where they were a year ago on expectations supplies exceed demand.


In other energy trading, wholesale gasoline rose 1 cent to $1.44 per gallon. Heating oil also added a penny to $1.38 per gallon. Natural gas gained 10 cents, or 3.3 percent, to $3.02 per 1,000 cubic feet.

Gold fell $10 to settle at $1,246.40 ounce. Silver slid 8 cents to $16.57 per ounce, and copper was little changed at $2.63 per pound.

The dollar rose to 111.89 yen from 111.26 yen late Friday. The euro weakened to $1.1181 from $1.1199.

Major indexes moved higher in Europe after a strong German economic survey reinforced hopes that the region's recovery is gaining momentum. Germany's DAX rose 0.3 percent, while France's CAC-40 gained 0.6 percent. The FTSE 100 in London added 0.3 percent.

In Asia, several market indexes notched gains. Hong Kong's Hang Seng added 0.7 percent, while Tokyo's Nikkei 225 rose 0.1 percent. Seoul's Kospi gained 0.4 percent. Sydney's S&P-ASX 200 rose 0.1 percent. Benchmarks in New Zealand, Taiwan and Bangkok also gained.

 

[bigdog]

https://www.usnews.com/news/busines...indexes-edge-lower-in-early-trading-oil-rises

Technology Companies Fall Sharply, Leading US Indexes Lower

Technology stocks led a broad slide in U.S. stocks Tuesday after a day of mostly choppy trading.

By ALEX VEIGA, AP Business Writer

Technology stocks led a broad slide in U.S. stocks Tuesday after a day of mostly choppy trading.

Phone and utilities companies were among the big decliners after a sell-off in bonds sent yields sharply higher. Banks bucked the broader market decline amid heightened expectations of rising interest rates. Oil prices rose for the fourth straight day.

Late-afternoon developments in Washington helped put investors in a selling mood.

Republican leaders in the Senate decided to delay a vote on a health care overhaul bill until after the July 4 recess.

"The delay of the health care vote added to a little bit of the uneasiness going into the quarter end here," said Sean Lynch, co-head of global equity strategy at the Wells Fargo Investment Institute. "It's just worries that some of this political noise can complicate the chance of possible tax reform, health care reform and other policy measures that could boost the economy."

The Standard & Poor's 500 index fell 19.69 points, or 0.8 percent, to 2,419.38. The Dow Jones industrial average slid 98.89 points, or 0.5 percent, to 21,310.66. The Nasdaq composite lost 100.53 points, or 1.6 percent, to 6,146.62. The Russell 2000 of small-company stocks gave up 13.10 points, or 0.9 percent, to 1,403.54.

Bond prices fell. The 10-year Treasury yield rose to 2.20 percent from 2.13 percent late Monday.

The bond sell-off was triggered early Tuesday as investors reacted to remarks from European Central Bank President Mario Draghi, who expressed optimism over the future of the economy of the 19-country eurozone. And while Draghi did not say the ECB was ready to rein back its stimulus measures, investors took his remarks as a hint that a change of policy could be coming in the next few months.


"The comments he made, that talked about deflation being nonexistent, were taken by the market pretty positively," said Lynch. "The worries of that six months ago were penalizing stocks and penalizing financials."

European stock markets closed lower as the euro surged following Draghi's remarks.

Germany's DAX fell 0.8 percent, while France's CAC 40 slid 0.7 percent. The FTSE 100 of leading British shares shed 0.2 percent.

The dollar rose to 112.15 yen from 111.89 yen late Monday. The euro strengthened to $1.1347 from $1.1181.

Investors also weighed new data on U.S. home prices and consumer confidence. The S&P's CoreLogic Case-Shiller 20-city home price index shows home prices climbed 5.7 percent nationwide in April. The latest gain follows price increases of 5.9 percent in March and February. Separately, the Conference Board reported that its consumer confidence index rose to 118.9 this month from 117.6 in May.

Technology companies were among the biggest decliners Tuesday.

Computer memory maker Seagate Technology gave up $2.88, or 6.8 percent, to $39.51, while semiconductor manufacturer Advanced Micro Devices slid 68 cents, or 4.8 percent, to $13.40. Netflix also fell, losing $6.47, or 4.1 percent, to $151.03.

Alphabet, Google's parent company, slid 2.5 percent after the European Union slapped the online search giant with a $2.7 billion fine. The EU alleges that the company breached antitrust rules with its online shopping service. Alphabet said it is considering an appeal. Alphabet shares fell $24 to $948.09.

Investors also had their eye on the latest company earnings and deal news.

Darden Restaurants rose 2.9 percent after the owner of Olive Garden and other chain restaurants reported earnings that were better than analysts expected. The stock added $2.61 to $92.69.


Sprint gained 2.1 percent following a published report suggesting the mobile phone company is in talks with Charter Communications and Comcast Corp. on a deal that could enable the cable operators to buy a stake in Sprint. Sprint picked up 17 cents to $8.18. Comcast slid 34 cents, or about 1 percent, to $39.25, while Charter lost $2.78, or 0.8 percent, to $329.87.

J.C. Penney added 3.2 percent after an analyst upgraded the stock to hold from sell, saying the struggling retailer should be able to meet its sales target for the year. Penney shares rose 15 cents to $4.82.

Shares in Kohl's gained 2.4 percent after the retailer announced it has appointed Bruce Besanko as chief financial officer. Besanko had held the same role at Supervalu. Kohl's added 89 cents to $38.41.

Oil and gas futures notched gains Tuesday.

Benchmark U.S. crude gained 86 cents, or 2 percent, to settle at $44.24 per barrel in New York. Brent, the international standard, added 82 cents, or 1.8 percent, to close at $46.65 per barrel in London.

In other commodities trading, wholesale gasoline rose 2 cents to $1.46 per gallon. Heating oil also added 3 cents to $1.41 per gallon. Natural gas gained a penny to $3.04 per 1,000 cubic feet.

Gold inched up 50 cents to settle at $1,246.90 ounce. Silver added 2 cents to $16.59 per ounce. Copper gained 2 cents to $2.65 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...ead-us-stocks-broadly-higher-in-early-trading

US Stock Market Makes Biggest Gain in 2 Months

The U.S. stock market notched its biggest gain in two months Wednesday, bouncing back from losses a day earlier.

By ALEX VEIGA, AP Business Writer

The U.S. stock market notched its biggest gain in two months Wednesday, bouncing back from losses a day earlier.

Banks and other financial companies led the rally as investors bet on interest rates climbing further. Banks can make more money on lending when rates move higher.

Technology companies were among the big gainers, recouping some of their recent losses. Energy stocks also rose as the price of crude oil closed higher for the fifth straight day. Utilities and real estate companies were the only laggards.

"Across the board, sector strength is very, very strong," said Marc Chaikin, CEO of Chaikin Analytics. "Whoever wanted to sell into the holiday weekend basically did it yesterday and we probably have a positive bias going into the four-day weekend."

The Standard & Poor's 500 index gained 21.31 points, or 0.9 percent, to 2,440.69. That's the index's biggest single-day gain since April 24. The Dow Jones industrial average added 143.95 points, or 0.7 percent, to 21,454.61. The Nasdaq composite rose 87.79 points, or 1.4 percent, to 6,234.41.

Smaller companies fared better than the rest of the market. The Russell 2000 index of small-company stocks picked up 21.75 points, or 1.6 percent, to 1,425.27.

Bond prices fell. The 10-year Treasury yield rose to 2.22 percent from 2.21 percent late Tuesday.

The market rebounded from Tuesday's technology-led sell-off. The major indexes moved higher as trading got underway Wednesday and carried the momentum the rest of the day.

"These equity markets are perhaps in more of a relief rally, with investors coming back in after being away a bit here," said Chris Gaffney, president of World Markets at EverBank. "It's is the end of the quarter, so we'll probably see more volatility going into the end."


Traders bid up shares in financial sector companies amid heightened expectations that interest rates could be headed higher. Rising rates let banks make bigger profits on mortgages and other types of loans.

"Global rates are going to move higher and that, of course, helps financials across the board," Gaffney said.

Bank of America added 61 cents, or 2.6 percent, to $23.88, while Prudential Financial rose $2.66, or 2.5 percent, to $107.26. Wells Fargo gained $1.17, or 2.2 percent, to $54.33.

Investors also bid up shares in companies that reported improved quarterly results.

Homebuilder KB Home climbed $1.24, or 5.4 percent, to $24.06, while wireless communications company CalAmp gained $1.19, or 6.2 percent, to $20.44. General Mills, the maker of Cheerios cereal, Yoplait yogurt and other packaged foods, added 90 cents, or 1.6 percent, to $56.42.

News of corporate deals also helped lift the market.

Staples climbed 8.5 percent after the Wall Street Journal reported that the office supplies retailer has agreed to be acquired by private equity firm Sycamore Partners. The stock was the biggest gainer in the S&P 500 index, rising 78 cents to $9.94.

Spectranetics surged 26.2 percent after Dutch electronics and health care technology company Philips said it agreed to buy the medical device company for $38.50 a share, or $2.2 billion. Spectranetics gained $7.95 to $38.35.

FedEx shares temporarily halted trading before the package delivery giant disclosed that an information system virus significantly affected the global operations of its TNT Express subsidiary.

In a statement, FedEx said that while TNT's operations and communications systems were disrupted, "no data breach is known to have occurred." The company noted that operations of all other FedEx companies were unaffected. The stock rose $2.82, or 1.3 percent, to $217.15.


Oil and natural gas futures notched gains Wednesday.

Benchmark U.S. crude added 50 cents, or 1.1 percent, to $44.74 a barrel in New York. Brent crude, the international standard, rose 66 cents, or 1.4 percent, to $47.31 per barrel in London. Wholesale gasoline rose 2 cents to $1.48 per gallon. Heating oil also added 2 cents to $1.43 per gallon. Natural gas gained 3 cents to $3.07 per 1,000 cubic feet.

In other commodities trading, gold rose $2.20 to settle at $1,249.10 per ounce. Silver added 14 cents to $16.73 per ounce. Copper gained 1 cent to $2.66 per pound.

The dollar rose to 112.28 from 112.15 yen late Monday. The euro strengthened to $1.1382 from $1.1347.

Major stock indexes in Europe declined as investors fretted over the prospect of tighter monetary policy from major central banks.

Germany's DAX slid 0.2 percent, while the CAC 40 of France fell 0.1 percent. Britain's FTSE 100 lost 0.6 percent.

Earlier in Asia, Hong Kong's Hang Seng fell 0.6 percent, while Japan's benchmark Nikkei 225 index lost 0.5 percent. South Korea's Kospi shed 0.4 percent. Australia's S&P/ASX 200 gained 0.7 percent. Shares fell in Taiwan and most of Southeast Asia.

 

[bigdog]

https://finance.yahoo.com/news/us-s...rly-trading-oil-rises-141958625--finance.html

Steep slide in tech companies pulls US stocks lower

Alex Veiga, AP Business Writer

A steep slide in technology companies pulled U.S. stocks lower Thursday, erasing gains from the previous day.

Investors also sold big-dividend stocks as bond yields rose. Banks and energy stocks bucked the broader market decline. Crude oil prices closed higher for the sixth straight day.

The shift out of the technology sector came as investors bet central bankers may be ready to lift rates. That spurred many traders to move out of growth sectors, like technology, and into value stocks, such as banks, said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

"It's been a good day for energy and financials and a terrible day in particular for technology," Davidson said. "To the extent that you're going to be looking to put money into financials, into energy, you have to pull it from somewhere, and the sector that has done best so far this year is technology."

The Standard & Poor's 500 index fell 20.99 points, or 0.9 percent, to 2,419.70. The Dow Jones industrial average slid 167.58 points, or 0.8 percent, to 21,287.03. The average was down briefly more than 257 points.

The Nasdaq composite lost 90.06 points, or 1.4 percent, to 6,144.35. The Russell 2000 index of small-company stocks gave up 9.07 points, or 0.6 percent, to 1,416.20.

Bond prices fell. The 10-year Treasury yield rose to 2.27 percent from 2.23 percent late Wednesday.

The stock market was coming off its biggest gain in two months. The market slide came about despite some encouraging news on the U.S. economy.

The Commerce Department said that the nation's gross domestic product, the broadest measure of economic health, increased at an annual rate of 1.4 percent in the first quarter. That's better than the previous estimate of 1.2 percent and double the initial estimate of 0.7 percent. The upgrade reflects new-found strength in consumer spending and exports.

Still, investors appeared more focused on the possibility of higher interest rates following recent remarks from the president of the European Central Bank and the governor of the Bank of England.

"We've had a lot of commentary from central bankers around the world suggesting perhaps that it is within the field of vision that we could see some of the accommodation being removed from the system," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank. "While we don't think that's imminent, it certainly does give investors something to consider."

Semiconductor manufacturers led the technology sector slide.

Advanced Micro Devices fell the most among companies in the S&P 500 index, losing 63 cents, or 4.8 percent, to $12.60. Lam Research gave up $5.48, or 3.7 percent, to $142.35. Alphabet, Google's parent company, also fell, shedding $23.19, or 2.4 percent, to $937.82. Facebook declined $2.20, or 1.4 percent, to $151.04. Apple slid $2.15, or 1.5 percent, to $143.68.

All told, the technology sector fell 1.8 percent. Despite the drop, the sector leads all other sectors this year with a gain of 16.5 percent.

"People are a little bit nervous about the high-flying tech sector," Davidson said. "Valuations are getting pretty stretched, so this is providing some opportunity to redeploy some of those assets into something that may be about to turn, the financials in particular."

Financial sector stocks have been mostly rising this week as investors bet on interest rates climbing further. Banks can make more money on lending when rates move higher.

Bank stocks also got a boost from the Federal Reserve. The central bank said late Wednesday that 34 of the biggest U.S. banks can buy back more stock and raise their dividends because their balance sheets are strong enough to bear a major downturn in the economy.

The Fed's announcement marked the first time that all of the banks passed their so-called stress tests, which were created after the global financial crisis of 2008.

Citigroup gained $1.80, or 2.8 percent, to $66.98, while Regions Financial climbed 57 cents, or 4 percent, to $14.66. Bank of America added 44 cents, or 1.8 percent, to $24.32.

Traders also had their eye on the latest company earnings and deal news.

Acuity Brands jumped 10.5 percent after the lighting company's latest quarterly earnings and sales exceeded Wall Street's expectations. The stock was the biggest gainer in the S&P 500 index, adding $18.79 to $198.52.

Staples rose 1.5 percent after private equity firm Sycamore Partners agreed to buy the office supplies chain for $6.9 billion. Staples gained 15 cents to $10.08.

Rite Aid slumped 26.5 percent after Walgreens Boots Alliance abandoned a bid to buy the rival drugstore chain following resistance from U.S. regulators. Walgreens will now buy more than 2,000 stores, three distribution centers and inventory in a new deal. Rite Aid fell $1.04 to $2.89. Walgreens gained $1.28, or 1.7 percent, to $78.37.

The termination of the Rite Aid buyout canceled a related asset deal involving Fred's Pharmacy. Shares in Fred's slid $2.81, or 22.8 percent, to $9.51.

Oil prices closed higher despite paring some early gains. Benchmark U.S. crude rose 19 cents to settle at $44.93 a barrel in New York. Brent, the international standard, gained 9 cents to close at $47.63 in London.

In other energy futures trading, wholesale gasoline held steady at $1.48 per gallon. Heating oil added 1 cent to $1.45 per gallon. Natural gas slipped 5 cents to $3.04 per 1,000 cubic feet.

Among metals, gold fell $3.30 to settle at $1,245.80 per ounce. Silver slipped 14 cents to $16.65 per ounce. Copper gained 2 cents to $2.70 per pound.

The dollar fell to 112.07 yen from 112.28 yen late Wednesday. The euro strengthened to $1.1432 from $1.1382. The British pound rose to $1.2991 from $1.2929. European currency markets have been volatile in recent days after leading central bankers appeared to hint at a turn in monetary policy soon.

Major stock indexes in Europe also closed lower. Germany's DAX fell 1.8 percent, while the CAC 40 in France slid 1.9 percent. The FTSE 100 index of leading British shares lost 0.5 percent.

In Asia, Japan's benchmark Nikkei 225 index rose 0.5 percent, while South Korea's Kospi gained 0.6 percent. Hong Kong's Hang Seng added 1.1 percent. Australia's S&P/ASX 200 climbed 1.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...xes-broadly-higher-in-early-trading-oil-rises

Industrial Companies Lead US Stock Indexes Mostly Higher

Wall Street closed out the final day of the second quarter with slight gains after a broad rally faded in the last few minutes of trading Friday.

By ALEX VEIGA, AP Business Writer

Wall Street closed out the final day of the second quarter with slight gains after a broad rally faded in the last few minutes of trading Friday.

The Dow Jones industrial average and the Standard & Poor's 500 index eked out tiny gains, while the Nasdaq composite closed essentially flat.

Industrial stocks and consumer-focused companies led the gainers. Energy stocks also rose as crude oil prices closed higher for the seventh straight day. Utilities, technology and health care companies were among the biggest decliners.

Trading was mostly subdued ahead of the Independence Day holiday next week, though many investors seized on the final trading day of the quarter and the previous day's market slide to buy more shares or close out positions and book profits.

"Overall we're ending this quarter with a strong market, even though technology has taken a hit, other sectors have moved up," said Quincy Krosby, chief market strategist at Prudential Financial.

The S&P 500 index rose 3.71 points, or 0.2 percent, to 2,423.41. The Dow gained 62.60 points, or 0.3 percent, to 21,349.63. The Nasdaq lost 3.93 points, or 0.1 percent, to 6,140.42. The Russell 2000 index of small-company stocks gave up 0.84 points, or 0.1 percent, to 1,415.36.

Bond prices fell. The 10-year Treasury yield rose to 2.30 percent from 2.27 percent late Thursday.

The major stock indexes got off to a shaky start early Friday, but soon veered higher and held course for much of the day. A last-minute flurry of selling nudged the Nasdaq and Russell 2000 slightly into the red.

The Dow, S&P 500 and Nasdaq ended the week in negative territory. This was also the worst week of the year for the Nasdaq and the third loss in the last four weeks for the tech-heavy index.


The market's snapshot at the halfway mark for 2017 is more encouraging, however.

The S&P 500 index, the broadest measure of the stock market, is up 8.2 percent this year, while the Dow is up 8 percent. The Nasdaq has racked up a gain of 14.1 percent. The Russell 2000 is up 4.3 percent.

Strong corporate earnings and revenue have underpinned the market's gains this year. Expectations among investors that President Donald Trump and the Republican-led Congress would slash taxes, boost federal spending on infrastructure and enact other business-friendly policies have also helped drive stocks higher.

Investors appeared to temper those expectations in recent weeks as the Trump administration hit legislative snags in its bid to pass a health insurance overhaul.

On Thursday, S&P Global Ratings noted that sentiment on Wall Street, which had been strong following Trump's election, has begun to soften.

"Now, we no longer believe the federal government will be able to push through even a small infrastructure-spending package, and we expect only moderate tax cuts to be passed early next year as midterm elections approach," wrote Beth Ann Bovino, S&P Global's U.S. chief economist.

Remarks from central bank officials in Europe earlier this week helped set the tone for the market, spurring speculation among investors that global interest rates could move higher. That sent bond yield sharply higher and helped lift shares in banks. Traders also sold off technology stocks. The sector had its worst week this year.

Even so, technology still leads all other sectors. It's up 16.4 percent this year, followed by health care and consumer discretionary stocks. Energy stocks are the biggest laggard at the midpoint of the year, down 13.8 percent. Phone companies are also in the red.


On Friday, investors sized up the latest company earnings and deal news.

The Commerce Department said consumer spending grew just 0.1 percent in May, less than the last couple of months. Personal income grew by a healthy 0.4 percent, but spending only rose 0.1 percent.

Athletic apparel maker Nike had its best day in almost two years Friday. Its shares jumped 11 percent after a strong quarterly report. Nike also said it's testing a program to sell sneakers directly through Amazon.com. Nike shares were the biggest gainer in the S&P 500, adding $5.83 to $59.

Specialty contractor Quanta Services was the biggest gainer in the industrials sector, rising $1.04, or 3.3 percent, to $32.92.

Parkway vaulted 12.3 percent after the Canada Pension Plan Investment Board agreed to buy the commercial real estate investment trust for about $1.13 billion. Parkway rose $2.51 to $22.89.

Hain Celestial climbed 8.6 percent after activist investor Engaged Capital disclosed a 9.9 percent stake in the organic food maker. Hain shares added $3.06 to $38.82.

American Outdoor Brands slid 7.4 percent after the firearms maker issued weak forecasts for the current quarter and the fiscal year. Shares in the company, which changed its name from Smith & Wesson earlier this year, fell $1.78 to $22.16.

Crude oil prices closed higher for the seventh straight day. Benchmark U.S. crude gained $1.11, or 2.5 percent, to settle at $46.04 a barrel in New York. Brent, the international standard, rose $1.14, or 2.4 percent, to close at $48.77 a barrel in London.

In other energy futures trading, wholesale gasoline picked up 4 cents to $1.51 per gallon. Heating oil added 3 cents to $1.48 per gallon. Natural gas was little changed at $3.04 per 1,000 cubic feet.


Among metals, gold fell $3.50 to settle at $1,242.30 per ounce. Silver slipped 3 cents to $16.63 per ounce. Copper gained 2 cents to $2.71 per pound.

The dollar rose to 112.45 yen from 112.07 yen late Thursday. The euro gave up some of its gains from earlier in the week. The euro weakened to $1.1417 from $1.1432. The pound rose to $1.3014 from $1.2991.

Major stock indexes in Europe closed lower Friday.

Germany's DAX and the CAC 40 in France each lost 0.7 percent. The FTSE 100 index of leading British shares slid 0.5 percent.

In Asia, trading was mixed. The Hang Seng in Hong Kong fell 0.8 percent, while Japan's Nikkei 225 index dropped 0.9 percent. South Korea's Kospi lost 0.2 percent, while Australia's S&P ASX 200 lost 1.7 percent. Shares in Southeast Asia were mostly lower.

9997

 

[bigdog]

https://www.usnews.com/news/busines...nergy-companies-give-us-stock-indexes-a-boost

Gains for Energy Companies and Banks Boost Stock Indexes

US stocks rise in a shortened day of trading as banks rise along with bond yields and interest rates and energy companies rise with oil prices.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks rose Monday as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on U.S. factories also boosted stocks.

Energy companies made large gains in Monday's abbreviated trading session as oil prices rose for the eighth day in a row. Banks rose as bond yields and interest rates continued to rise. Companies that stand to benefit from faster economic growth, like industrial companies and basic materials makers, climbed after the Institute for Supply Management said U.S. manufacturing activity climbed in June to its highest level in almost three years.

"The market clearly liked that number," said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. He said that economic reports over the last few months have been a bit disappointing, but "It's still in line with expectations for modest GDP growth."

The Standard & Poor's 500 index added 5.61 points, or 0.2 percent, to 2,429.02. The Dow Jones industrial average rose 129.64 points, or 0.6 percent, to 21,479.27. The Russell 2000 index of smaller-company stocks added 11.32 points, or 0.8 percent, to finish at a record high of 1,426.68.

The Nasdaq composite lost 30.36 points, or 0.5 percent, to 6,110.06. That was a six-week low, as technology companies have been slumping for almost a month.

Overall, almost three-fourths of the stocks on the New York Stock Exchange finished higher.

Banks continued their recent winning ways as bond yields and interest rates increased further. Higher interest rates let banks make more money from lending, and that helped financial companies rally last week. Major banks also raised their dividends and said they will buy back more stock. JPMorgan Chase added $1.85, or 2 percent, to $92.75 and Citigroup rose $1.38, or 2.1 percent, to $68.26. Morgan Stanley climbed $1.05, or 2.4 percent, to $45.61.


Bond prices fell. The yield on the 10-year Treasury note rose to 2.34 percent from 2.30 percent.

U.S. factories did more work in June, according to the Institute for Supply Management. The group's survey of manufacturing reached its highest level since August 2014. That suggests the economy could be getting stronger and that U.S. manufacturing continues to recover after a slump in late 2015 and early 2016.

General Electric rose 44 cents, or 1.6 percent, to $27.45 and chemicals maker DuPont added $1.42, or 1.8 percent, to $82.13.

Benchmark U.S. crude gained 73 cents, or 1.6 percent, to $46.77 a barrel in New York, its eighth gain in a row. Brent crude, used to price international oils, rose 62 cents, or 1.3 percent, to $49.39 a barrel in London. Before their recent winning streak, crude prices had reached their lowest levels of the year. Exxon Mobil rose $1.37, or 1.7 percent, to $82.10 and ConocoPhillips added $1.70, or 3.9 percent, to $45.66.

Car companies reported their monthly sales on Monday, and while overall sales continued to slip, the stocks mostly traded higher as investors felt the results were reasonably strong. Ford and GM said their sales each fell about 5 percent, but Ford gained 37 cents, or 3.3 percent, to $11.56 and GM rose 64 cents, or 1.8 percent, to $35.57. Fiat Chrysler advanced 44 cents, or 4.1 percent, to $11.07 despite a 7-percent decline in its sales. Auto parts companies mostly rose as well.


Consumer financial services company Bankrate climbed $1.10, or 8.6 percent, to $13.95 percent after it agreed to be acquired by Red Ventures for $14 a share, or $1.25 billion.

Activist investment firm Jana Partners disclosed a 5.8 percent stake in EQT and said it opposes the energy company's plan to buy Rice Energy. The firm said it wants EQT to split off its exploration and production business instead. EQT agreed to buy Rice Energy for $6.7 billion in cash and stock last month. The deal would make EQT the largest U.S. producer of natural gas. EQT shares added $1.16, or 2 percent, to $59.75 while Rice Energy tumbled 97 cents, or 3.6 percent, to $25.66.

In other energy trading, wholesale gasoline added 1 cent to $1.53 a gallon and heating oil rose 3 cents to $1.51 a gallon. Natural gas dropped 7 cents, or 2.3 percent, to $2.97 per 1,000 cubic feet.

Precious metals prices dropped. Gold fell $23.10, or 1.9 percent, to $1,219.20 an ounce while silver lost 54 cents, or 3.2 percent, to $16.09 an ounce. Copper slipped 2 cents to $2.69 a pound.

Gold and copper miner Newmont Mining fell 50 cents, or 1.5 percent, to $31.89.

The dollar jumped to 113.37 yen from 112.54 yen on Friday. The euro fell to $1.1368 from $1.1422.

France's CAC-40 gained 1.5 percent and the German DAX added 1.2 percent. London's FTSE 100 advanced 0.9 percent. In Tokyo, the Nikkei 225 added 0.1 percent. Hong Kong's Hang Seng was unchanged and the Kospi in South Korea added 0.1 percent.

 

[bigdog]

Wall Street was shut for U.S. Independence Day July 4

https://finance.yahoo.com/m/56d08a48-fde7-3035-978e-134f32265167/ss_aussie-stocks-shine-as-us.html

Aussie stocks shine as US holiday subdues global trading

KELVIN CHAN
Associated Press

HONG KONG (AP) — Australian stocks were the standout performers Tuesday as the central bank kept interest rates unchanged and signaled they wouldn't be raised soon. Elsewhere, trading was subdued as Wall Street was shut for U.S. Independence Day and amid unease over North Korea's latest missile launch.

KEEPING SCORE: In Europe, France's CAC 40 closed 0.4 percent lower at 5,174.90 while Germany's DAX dropped 0.3 percent to 12,437.13. Britain's FTSE 100 ended down 0.3 percent as well, at 7,357.23.

DECISION DOWN UNDER: Officials at the Reserve Bank of Australia kept interest rates unchanged at 1.5 percent following a monthly policy board meeting, saying it was the right level for sustainable economic growth and to hit inflation targets. More importantly, they indicated they wouldn't follow counterparts in the U.S., Britain, Europe and Canada who have either started raising rates or are considering doing so. The surprisingly neutral stance of the RBA was felt across markets. The Australian dollar fell 0.7 percent to $0.7607 as traders priced in a lower rate profile going out, but that helped stocks, and the country's main S&P/ASX index surged 1.8 percent to close at 5,783.80.

ANALYST TAKE: "Expectations that the RBA would adopt a more hawkish rhetoric were misplaced," said Lee Hardman, currency analyst at MUFG.

ASIAN SCORECARD: Elsewhere in Asia, Japan's benchmark Nikkei 225 index shed 0.1 percent to 20,032.35. South Korea's Kospi declined 0.6 percent to 2,380.52 and Hong Kong's Hang Seng slumped 1.5 percent to 25,389.01. The Shanghai Composite Index lost 0.4 percent to 3,182.80. Benchmarks in Taiwan and Southeast Asia also lost ground.

ROCKET LAUNCH: Shares in Seoul wobbled briefly after first reports that Pyongyang fired yet another ballistic missile toward Japan. Stocks resumed sliding as more details came in. North Korean state media said it was the country's first successful test of an intercontinental ballistic missile, flying 933 kilometers (580 miles) for 39 minutes before falling into the sea.

ENERGY: Benchmark U.S. crude advanced 10 cents to $47.17 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 8 cents to $49.76 a barrel in London.

CURRENCIES: The euro was down 0.1 percent at $1.1348 while the dollar fell 0.2 percent to 113.17 yen.

 

[bigdog]

https://finance.yahoo.com/m/ad0fc860-bfab-372e-90d2-9b4f6f6dd73a/ss_stocks-held-back-by-slumps.html

Stocks held back by slumps for energy, auto parts companies

MARLEY JAY
Associated Press

NEW YORK (AP) — U.S. stock indexes were mixed Wednesday as energy companies skidded along with oil prices, but technology stocks rose and reversed a portion of their recent losses.

After O'Reilly Automotive reported weak sales growth in the second quarter, the three biggest losers on the Standard & Poor's 500 index were all auto parts companies. Car makers slumped, too.

An eight-day rally in U.S. crude oil prices ended with a thud and energy companies took sharp losses. Retailers and small, domestically-focused companies also struggled.

Technology companies bucked the trend and finished higher. Those companies have hit a wall in the last month. Banks and industrial and health care companies also rose on another quiet day of trading after the Independence Day holiday.

The Federal Reserve is trying to decide when it will start letting its $4.5 trillion bond portfolio shrink. Some Fed officials want to announce the start of that process within a few months, according to minutes from the central bank's June meeting, while others want to wait longer.

"The Fed seems to be a little bit divided over what it's going to do," said Doug Burtnick, deputy head of North American equities for Aberdeen Asset Management. He said that division makes investors put more emphasis on economic reports and other data.

"You're going to see a lot of pieces as early as next week because that's when you're going to start seeing a lot of earnings reports from banks," Burtnick added, and Wall Street will get a clearer view of how much money banks are lending.

The Standard & Poor's 500 index added 4.55 points, or 0.2 percent, to 2,432.54. The Dow Jones industrial average slid 1.10 points to 21,478.17. Nasdaq composite rose 40.80 points, or 0.7 percent, to 6,150.86. The Russell 2000 index of smaller-company stocks sank 6.54 points, or 0.5 percent, to 1,420.15.

Benchmark U.S. crude dropped $1.94, or 4.1 percent, to $45.13 a barrel in New York. Brent crude, used to price international oils, sank $1.82, or 3.7 percent, to $47.79 a barrel in London. U.S. crude reached an annual low in late June, and then jumped 11 percent over the next eight trading days.

Hess fell $2.06, or 4.5 percent, to $43.36 and Exxon Mobil shed $1.25, or 1.5 percent, to $80.85.

O'Reilly Automotive said sales were sluggish at its older locations over the last three months because of weak demand and the effects of a mild winter. Its stock lost $41.64, or 18.9 percent, to $178.77.

Advance Auto Parts gave up $13.20, or 11.1 percent, to $105.21 and AutoZone slid $54.88, or 9.6 percent, to $516.83. Those three companies have each plunged more than 30 percent this year as investors worry about the effects of slowing car sales.

Tesla took its biggest loss in a year after as investors were disappointed with the company's second-quarter production and delivery totals. The electric car maker's stock dropped $25.53, or 7.2 percent, to $327.09.

Elsewhere Ford declined 26 cents, or 2.2 percent, to $11.30 while General Motors sagged 56 cents, or 1.6 percent, to $35.01. Automakers had rallied Monday after they reported their monthly sales.

Payment processor Vantiv will buy the U.K.'s Worldpay for about $10 billion. Worldpay allows businesses to accept credit cards and online payments, and it released a statement Wednesday saying the companies agreed on the key terms of an acquisition. Vantiv stock retreated $1.49, or 2.4 percent, to $61.02. Payment technology companies Square and PayPal both climbed.

Monogram Residential, which owns and operates luxury apartment communities, climbed after it agreed to be bought by real estate company Greystar and a group of investors. The deal values Monogram at $12 a share, or about $2 billion. Monogram stock added $2.09, or 21.3 percent, to $11.89.

Technology companies did relatively well, although they have taken sharp losses over the last month. Chinese e-commerce company Baidu rose $3.86, or 2.1 percent, to $183.83 and chipmaker Nvidia gained $3.72, or 2.7 percent, to $143.05. The companies said they will work together on a group of projects intended to bring artificial intelligence technology to cloud competing, autonomous cars and home assistants.

In other energy trading, wholesale gasoline fell 3 cents, or 2.1 percent, to $1.50 a gallon. Heating oil shed 3 cents, or 2.3 percent, to $1.48 a gallon. Natural gas slumped 11 cents, or 3.8 percent, to $2.84 per 1,000 cubic feet.

Bond prices edged higher. The yield on the 10-year Treasury note dipped to 2.33 percent from 2.35 percent late Monday.

Gold rose $2.50 to $1,221.70 an ounce. Silver fell 20 cents to $15.90 an ounce. Copper lost 3 cents to $2.66 a pound.

The dollar declined to 113.35 yen from 113.39 yen. The euro fell to $1.1340 from $1.1358.

The CAC 40 of France, the DAX in Germany and Britain's FTSE 100 each rose 0.1 percent. Japan's benchmark Nikkei 225 index gained 0.3 percent while the Kospi in South Korea added 0.3 percent. Hong Kong's Hang Seng rose 0.5 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-on-concerns-about-slow-hiring-retailers-drop

Stocks Skid on Worries About Slower Hiring and Growth

US stocks take their biggest loss since mid-May as investors react to a survey that showed slow hiring in June.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks took their biggest loss in more than six weeks Thursday as investors reacted to mounting evidence that hiring has slowed down. Energy and health care companies fell sharply, and so did retailers.

Stocks slumped after ADP, a payroll processing company, said private businesses added fewer jobs in June than investors had expected. The losses deepened in afternoon trading.

Bond prices fell and yields jumped, which hurt companies that pay large dividends, such as major drug companies and real estate investment trusts. Retailers sank after L Brands, the parent company of Victoria's Secret, reported weak sales in June.

The ADP survey was the latest piece of evidence that hiring has slowed down in recent months. That has investors worried, because the European Central Bank may start raising rates soon and rates are already rising in the U.S. Higher interest rates tend to slow down economic growth.

"If rates rise meaningfully, it will end up hampering growth expectations," said Krishna Memani, chief investment officer at Oppenheimer Fund.

The Standard & Poor's 500 index dropped 22.79 points, or 0.9 percent, to 2,409.75. The Dow Jones industrial average fell 158.13 points, or 0.7 percent, to 21,320.04. The Nasdaq composite sank 61.39 points, or 1 percent, to 6,089.46. The Russell 2000 index, which is comprised of smaller, more U.S.-focused companies, shed 19.33 points, or 1.4 percent, to 1,400.81.

ADP's survey showed that private U.S. businesses added 158,000 jobs in June, and the firm lowered its estimates for job growth in April and May. The unemployment rate is at 40-year lows, but there isn't much evidence that wage gains and economic growth are speeding up.


"We were expecting a significantly higher growth rate in the second quarter," said Memani. "It's not panning out that way."

All of the 61 health care companies listed on the S&P 500 lost ground. Biotech drugmaker Amgen declined $2.54, or 1.5 percent, to $171.72 and medical device maker Medtronic lost $1.64, or 1.8 percent, to $87.26.

Drugmaker Merck skidded $1.06, or 1.7 percent, to $63.10 after it stopped two studies of its cancer drug Keytruda as a treatment for multiple myeloma. Merck said more patients who were treated with Keytruda died, and the Food and Drug Administration halted the studies because the risks of a treatment regimen that included Keytruda outweighed the potential benefits.

L Brands said its sales fell 6 percent in June as the company continues to struggle with the effects of ending its swimwear business. The stock gave up $7.62, or 14.1 percent, to $46.49, by far the largest loss of any S&P 500 company. Athletic apparel maker Under Armour fell $1.49, or 6.7 percent, to $20.65 and Hanesbrands shed 65 cents, or 2.8 percent, to $22.53. Signet Jewelers lost $2.52, or 3.9 percent, to $61.57.

Bond prices skidded. The yield on the 10-year Treasury note rose to 2.36 percent from 2.33 percent. Investors sold shares of big-dividend stocks, as the rising bond yields made those stocks less appealing to investors seeking income.

Technology companies, which have been in a swoon over the last month, turned lower again. Apple sank $1.36 to $142.73 and Intel dropped 71 cents, or 2.1 percent, to $33.63. Electronic storage company Seagate Technology retreated $1.73, or 4.4 percent, to $37.29.

The parent company of QVC will buy the rest of Home Shopping Network that it didn't already own for about $2.6 billion in stock. Liberty Interactive said it will value QVC at $40.36 a share in the deal. It already owns a 38 percent stake in HSN, which jumped $8.40, or 26.8 percent, to $39.70. Liberty Interactive fell 30 cents, or 1.2 percent, to $24.16.


Global leaders arrived in Hamburg, Germany, for the G-20 summit as the U.S. and South Korea continued to respond to North Korea's recent missile test. On Thursday, South Korean jets and navy ships fired missiles into the ocean during drills, a display of military power two days after North Korea test-launched its first intercontinental ballistic missile.

The VIX, a measurement of how much volatility investors expect, climbed 13 percent to 12.53, although that is still a relatively low level.

Energy companies faded even though fuel prices increased. Benchmark U.S. crude oil rose 39 cents to $45.52 a barrel in New York. Brent crude, used to price international oils, added 32 cents to $48.11 a barrel in London.

Wholesale gasoline added 3 cents to $1.53 a gallon. Heating oil remained at $1.48 a gallon. Natural gas climbed 5 cents to $2.89 per 1,000 cubic feet.

Gold inched up $1.60 to $1,223.30 an ounce. Silver gained 9 cents to $15.98 an ounce. Copper remained at $2.66 a pound.

The dollar slipped to 113.26 yen from 113.35 yen. The euro rose to $1.1423 from $1.1340.

Germany's DAX fell 0.6 percent and the CAC 40 in France was 0.5 percent lower. The British FTSE 100 index lost 0.4 percent. Japan's Nikkei 225 fell 0.4 percent and the Kospi in South Korea edged down less than 0.1 percent. The Hang Seng of Hong Kong shed 0.2 percent.