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After two straight days of declines, benchmarks closed in the green on Wednesday following hopes that Comey’s testimony will have comparatively less impact on Trump Presidency. Additionally, gains in financial stocks helped to pare some losses due to fall in energy shares. Investors remained focused on the upcoming U.S. Senate testimony of former FBI director James Comey and the U.K. general election. Meanwhile, investors also kept a close watch on European Central Bank's meeting in Estonia.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.
The Dow Jones Industrial Average (DJI) advanced 0.2% to close at 21,173.69. The S&P 500 rose 0.2% to close at 2,433.14. The tech-laden Nasdaq Composite Index gained 0.4% to finish at 6,297.38. A total of around 6.6 billion shares were traded on Wednesday, roughly in line with the last 20-session average. The fear-gauge CBOE Volatility Index (VIX) traded near 10.4. Decliners outnumbered advancing stocks on the NYSE by a 1.12 to 1 ratio.
All Eye On James Comey's Testimony
Investors remained cautious ahead of a scheduled testimony from former FBI director James Comey regarding President Donald Trump administration's possible connections with Russian sources. Comey is scheduled to appear before the Senate Intelligence Committee on Thursday which is going to be his first appearance before the public since Trump dismissed him on May 9. The panel is probing former national security adviser Michael Flynn’s possible involvement with Russian sources and Comey is expected to face questions regarding Trump’s possible interference in that probe.
Meanwhile, on Wednesday, Director of National Intelligence Daniel Coats and Acting FBI Director Andrew McCabe declined to answer any questions regarding Trump’s intervention in an investigation into Russian interference in the U.S. election.
Investors were worried that any further revelation about a probe into Russian interference with U.S. presidential election could dampen momentum for Trump's agenda of lower taxes. However, lack of major revelations in Comey’s written testimony did not dampen investor sentiments. In the prepared statement, Comey mentioned about Trump’s statement “I hope you can see your way clear to letting this go, to letting Flynn go. He is a good guy. I hope you can let this go.”
Financials Gain
Financials moved north on Wednesday, following heightened expectations over interest rate hikes in Fed’s meeting in next week. Banks are one of the largest gainer when central bank raises key interest rates. The broader Financials Select Sector SPDR (XLF) advanced 0.8%, emerging as the best performing sector of S&P 500. Some of its key holdings including Bank of America Corp (BAC - Free Report) and Goldman Sachs Group (GS - Free Report) gained 1.7% and 0.6% respectively. While, Bank of America possess a Zacks Ranks #3 (Hold, Goldman Sachs has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Meanwhile, the oil prices declined on Wednesday after U.S. Energy Information Administration’s data revealed that domestic crude supplies increased by 3.3 million barrels for the week ended June 2, marking the first weekly increase in nine weeks. WTI crude prices declined by $2.47, or 5.4%, to $45.72 a barrel. The broader Energy Select Sector SPDR (XLE) declined 1.4%. Some of the key holdings of the energy sector in the S&P 500 including Exxon Mobil Corp (XOM - Free Report) and Chevron Corp (CVX - Free Report) both declined by 0.4%.
UK's General Election
Investors also kept a close watch on U.K. election to see whether Euro-skeptic Prime Minister Theresa May’s Conservative Party will be able to retain its majority in parliament intact. As per Kantar poll published on Wednesday, May's lead over the opposition Labor party has narrowed down. The outcome of the contest between Theresa May and Labour Party leader Jeremy Corbyn will ultimately have a major bearing on the future of the European Union.
Brexit is expected to affect the financial services industry. This market has a huge presence in London which is not only is the world’s number one location for trading foreign currencies, but about 12% of the U.K.’s total GDP comes from the financials industry. (Read More)
Additionally, investors remained focused on the European Central Bank's meeting, scheduled to be held on Thursday where the European Central Bank is expected to provide clues on how long ultraloose monetary policy would remain in place.
Tulsa-based midstream player SemGroup Corporation recently clinched a $2.1 billion deal to acquire Houston Fuel Oil Terminal Co from investment funds managed by Alinda Capital Partners. (Read More)
In an attempt to enhance offerings for women, PVH Corp. (PVH - Free Report) inked a licensing deal with Adjmi Apparel Group’s division – Sports Product of America. (Read More)
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Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>
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Stock Market News for June 08, 2017
After two straight days of declines, benchmarks closed in the green on Wednesday following hopes that Comey’s testimony will have comparatively less impact on Trump Presidency. Additionally, gains in financial stocks helped to pare some losses due to fall in energy shares. Investors remained focused on the upcoming U.S. Senate testimony of former FBI director James Comey and the U.K. general election. Meanwhile, investors also kept a close watch on European Central Bank's meeting in Estonia.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.
The Dow Jones Industrial Average (DJI) advanced 0.2% to close at 21,173.69. The S&P 500 rose 0.2% to close at 2,433.14. The tech-laden Nasdaq Composite Index gained 0.4% to finish at 6,297.38. A total of around 6.6 billion shares were traded on Wednesday, roughly in line with the last 20-session average. The fear-gauge CBOE Volatility Index (VIX) traded near 10.4. Decliners outnumbered advancing stocks on the NYSE by a 1.12 to 1 ratio.
All Eye On James Comey's Testimony
Investors remained cautious ahead of a scheduled testimony from former FBI director James Comey regarding President Donald Trump administration's possible connections with Russian sources. Comey is scheduled to appear before the Senate Intelligence Committee on Thursday which is going to be his first appearance before the public since Trump dismissed him on May 9. The panel is probing former national security adviser Michael Flynn’s possible involvement with Russian sources and Comey is expected to face questions regarding Trump’s possible interference in that probe.
Meanwhile, on Wednesday, Director of National Intelligence Daniel Coats and Acting FBI Director Andrew McCabe declined to answer any questions regarding Trump’s intervention in an investigation into Russian interference in the U.S. election.
Investors were worried that any further revelation about a probe into Russian interference with U.S. presidential election could dampen momentum for Trump's agenda of lower taxes. However, lack of major revelations in Comey’s written testimony did not dampen investor sentiments. In the prepared statement, Comey mentioned about Trump’s statement “I hope you can see your way clear to letting this go, to letting Flynn go. He is a good guy. I hope you can let this go.”
Financials Gain
Financials moved north on Wednesday, following heightened expectations over interest rate hikes in Fed’s meeting in next week. Banks are one of the largest gainer when central bank raises key interest rates. The broader Financials Select Sector SPDR (XLF) advanced 0.8%, emerging as the best performing sector of S&P 500. Some of its key holdings including Bank of America Corp (BAC - Free Report) and Goldman Sachs Group (GS - Free Report) gained 1.7% and 0.6% respectively. While, Bank of America possess a Zacks Ranks #3 (Hold, Goldman Sachs has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Meanwhile, the oil prices declined on Wednesday after U.S. Energy Information Administration’s data revealed that domestic crude supplies increased by 3.3 million barrels for the week ended June 2, marking the first weekly increase in nine weeks. WTI crude prices declined by $2.47, or 5.4%, to $45.72 a barrel. The broader Energy Select Sector SPDR (XLE) declined 1.4%. Some of the key holdings of the energy sector in the S&P 500 including Exxon Mobil Corp (XOM - Free Report) and Chevron Corp (CVX - Free Report) both declined by 0.4%.
UK's General Election
Investors also kept a close watch on U.K. election to see whether Euro-skeptic Prime Minister Theresa May’s Conservative Party will be able to retain its majority in parliament intact. As per Kantar poll published on Wednesday, May's lead over the opposition Labor party has narrowed down. The outcome of the contest between Theresa May and Labour Party leader Jeremy Corbyn will ultimately have a major bearing on the future of the European Union.
Brexit is expected to affect the financial services industry. This market has a huge presence in London which is not only is the world’s number one location for trading foreign currencies, but about 12% of the U.K.’s total GDP comes from the financials industry. (Read More)
Additionally, investors remained focused on the European Central Bank's meeting, scheduled to be held on Thursday where the European Central Bank is expected to provide clues on how long ultraloose monetary policy would remain in place.
Stocks that made Headlines
Semgroup to Acquire Houston Fuel Oil Terminal for $2.1 B
Tulsa-based midstream player SemGroup Corporation recently clinched a $2.1 billion deal to acquire Houston Fuel Oil Terminal Co from investment funds managed by Alinda Capital Partners. (Read More)
PVH Collaborates with Adjmi, Drives Growth at IZOD Division
In an attempt to enhance offerings for women, PVH Corp. (PVH - Free Report) inked a licensing deal with Adjmi Apparel Group’s division – Sports Product of America. (Read More)
3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy.
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>