CNBC Asks Adam About The Stock Market…US stocks rise as Wall Street braces for the release of Fed meeting summary

  • The U.S. central bank is scheduled to release the minutes from its July 26 meeting at 2 p.m. in New York.
  • The minutes are a summary of what the top Fed officials discussed during their meetings.
  • Wall Street will be looking for clues about the Fed’s next monetary policy move.

Tuesday, August 16, 2017
U.S. equities traded higher on Wednesday as investors looked ahead to a key release from the Federal Reserve.
The Dow Jones industrial average rose about 70 points, with Home Depot contributing the most gains. The S&P 500 gained 0.3 percent, with materials leading advancers. The Nasdaq composite also advanced 0.3 percent.
The U.S. central bank is scheduled to release the minutes from its July 26 meeting at 2 p.m. in New York. The minutes are a summary of what the top Fed officials discussed during their meetings.
Wall Street will be looking for clues about the Fed’s next monetary policy move. Investors largely expect the central bank to start unwinding its massive $4.5 trillion bonds portfolio — which it accrued trying to stem the economic downturn from the financial crisis — in September.
But the market is split as to whether the Fed will raise rates once more this year. Market expectations for a December rate hike were about 45 percent, according to the CME Group’s FedWatch tool.
The minutes “will be a focus today but Bill Dudley told you all you needed to know as we approach the September meeting. QT [Quantitative tightening] is starting,” said Peter Boockvar, chief market analyst at The Lindsey Group, in a note.
Dudley, the New York Fed president, said last week the central bank expects inflation to rise over the next several months. Inflation data has been sluggish recently, dampening the market’s outlook for tighter monetary policy.
“As for the December meeting, I’ll say again, tell me where the S&P 500 will be then (and thus how it reacts to QT) and I’ll tell you what the Fed will do,” Boockvar said.
U.S. Treasury yields traded mixed ahead of the minutes’ release, with the benchmark 10-year yield trading at 2.264 percent and the two-year yield at 1.351 percent.
Investors also digested weaker-than-expected housing data, as housing starts and permits fell unexpectedly last month.
Equities have risen sharply this year, with the S&P 500 advancing about 10 percent year to date and hitting record highs. But stocks suffered their second-worst week of the year last week as geopolitical tensions rose.
“Technicals are really coming into play here as the S&P and the Nasdaq trade just above their 50-day moving averages,” said Adam Sarhan, chief executive officer of 50 Park Investments. “If they can fight and hold above those levels, then that’d be good for stocks.”
Stocks ended flat in the previous session, as a drop in retail stocks capped gains. The SPDR S&P Retail exchange-traded fund (XRT) fell 2.7 percent as shares from major retailers dropped following the release of their quarterly results.
But the index rose 1.4 percent in early trade, as shares of Target climbed on strong quarterly results.

Reuters: Nasdaq set to hit record high as tech stocks rise

Wednesday 7.19.17
(Reuters) – The Nasdaq was set to hit a fresh record on Wednesday, helped by a rise in technology stocks, while the S&P and the Dow were headed for a slightly higher opening as investors focused on earnings.
The tech-heavy Nasdaq closed at a record high on Tuesday helped by a jump in Netflix (NFLX.O), with the index posting its longest streak of gains since February 2015.
The S&P tech sector has been the best performing sector this year despite concerns about stretched valuations as investors look for growth sectors immune to policy uncertainties.
“Earnings so far have been a mixed bag with most of the big banks down, causing the S&P and Dow to underperform slightly in the near term,” said Adam Sarhan, chief executive officer at 50 Park Investments.
“On the other hand, Netflix’s strong results has caused money to move to tech stocks in anticipation of stronger earnings. If the big names such as Alphabet, Facebook, Amazon are able to show growth in an otherwise low-growth environment then investors will pay for these stocks.”
All three big tech names will report results next week.
Dow e-minis 1YMc1 were up 1 point, or 0 percent, with 13,923 contracts changing hands at 8:12 a.m. ET (1212 GMT).
S&P 500 e-minis ESc1 were up 1.25 points, or 0.05 percent, with 90,769 contracts traded.
Nasdaq 100 e-minis NQc1 were up 14 points, or 0.24 percent, on volume of 22,317 contracts.
Investors will continue to focus on quarterly earnings to see if high valuations are justified in the face of mixed economic data, tepid inflation and policy gridlock in Washington.
Analysts estimate an 8.5 percent rise in second-quarter earnings and a 4.7 percent increase in revenue for S&P 500 companies from a year earlier.
This follows a robust first quarter when U.S. companies posted the fastest rate of growth in earnings since 2011, according to Thomson Reuters I/B/E/S.
TMobile (TMUS.O), Qualcomm (QCOM.O) and American Express (AXP.N) are among the companies that will report results after the bell.
Shares of IBM (IBM.N) fell 2.7 percent in premarket trading after the company’s quarterly revenue came in below expectations.
United Continental Holdings (UAL.N) was down 4.3 percent, a day after the airline’s quarterly results beat expectation but costs rose.
Morgan Stanley (MS.N) rose 2.3 percent after the bank’s quarterly profit beat expectations and bond trading revenue declines were modest compared with arch-rival Goldman Sachs’ (GS.N).
Discovery Communications (DISCA.O) was up 7.5 percent after a source told Reuters the company and Scripps Networks Interactive (SNI.O) are engaged in merger talks. Scripps was up 13.4 percent.

CNBC: US stocks rise after Target's brighter outlook boosts retail shares

Thursday, July 13, 2017

  • Shares of Target climbed 4.8 percent after the company said it expects “modest increase” in second-quarter comparable-store sales.
  • The SPDR S&P Retail exchange-traded fund (XRT) gained 2.3 percent. Shares of Wal-Mart, Kohl’s, Costco and Macy’s rose as well.
  • Wall Street also set its sights on Washington. Federal Reserve Chair Janet Yellen testified in front of Congress for the second straight day.
U.S. equities closed higher on Thursday as retailers rose, led by Target.
The Dow Jones industrial average rose 20.95 points, notching a record close at 21,553.09. Wal-Mart, Goldman Sachs and Apple contributed the most gains on the Dow. The S&P 500 gained 0.19 percent to close at 2,447.83, with Target among the best performers.
Shares of Target climbed 4.8 percent after the company said it expects “modest increase” in second-quarter comparable-store sales, a metric closely watched by Wall Street for retail stocks. Target added it expects second-quarter earnings to come in above the high end of the forecast. The stock had traded more than 6 percent higher in the premarket.

DJIA Dow Industrials 21553.09 20.95 0.10%
S&P 500 S&P 500 Index 2447.83 4.58 0.19%
NASDAQ NASDAQ Composite 6274.44 13.27 0.21%
“Target’s news is a much-needed breath of fresh air for retailers,” said Adam Sarhan, CEO of 50 Park Investments.
The SPDR S&P Retail exchange-traded fund (XRT) gained 2.3 percent and posted its best trading day of the year. Shares of Wal-Mart, Kohl’s, Costco and Macy’s rose as well.
Brick-and-mortar retailers have been hit hard this year. In 2017, the XRT has fallen more than 11 percent. Macy’s, meanwhile, has shed approximately 40 percent.
The Nasdaq composite closed 0.2 percent higher at 6,274.44, as shares of Snap jumped 2.9 percent. The Dow transports, meanwhile, hit a record high earlier in the session.
Wall Street also set its sights on Washington. Federal Reserve Chair Janet Yellen testified in front of Congress for the second straight day. Her prepared remarks from Wednesday ignited a rally in the U.S. stock market.
“We see yesterday’s breakout above intraday resistance as a catalyst for a subsequent breakout to new highs, which would yield a short-term measured move projection of about 2507 for the SPX,” said Katie Stockton, chief technical strategist at BTIG, in a note.
The S&P jumped 0.85 percent Wednesday and the Dow notched intraday and closing records.
Yellen hinted Wednesday that future interest rate hikes would be more gradual, adding the Fed would start unwinding its $4.5 trillion bond portfolio “relatively soon.”
“It is the ‘relatively soon’ part that begs the question of whether it starts on July 26th when the FOMC next meets or two months later at the September meeting. Either way, we’re getting more tightening within the next few months,” said Peter Boockvar, chief market analyst at The Lindsey Group, in a note.
In economic news, the U.S. producer price index rose 0.1 percent in June. Economists polled by Reuters expected the index to remain flat. Weekly jobless claims, meanwhile, came in just above expectations at 247,000.
Wall Street also looked ahead to the start of earnings season. JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday morning.
“Earnings season is first and foremost on people’s minds right now,” said Robert Pavlik, chief investment strategist at Boston Private. “The big banks will direct the market in the short term” as earnings season gets under way.
—CNBC’s Terri Cullen and Lauren Thomas contributed to this report.

Reuters: US STOCKS-U.S. stocks little changed; healthcare down, techs up

* 2nd-qtr earnings kick off this week
* Dollar touches 2-month high
* Yellen to testify later in the week
* Indexes down: Dow down 0.07 pct, S&P 0.04 pct, Nasdaq 0.08 pct (Updates to open)
By Sweta Singh
July 10 U.S. stocks swung between gains and losses on Monday as technology stocks buoyed the Nasdaq, while losses in healthcare weighed on the S&P 500 and the Dow.
Seven of the 11 major S&P sectors were higher, with the healthcare index’s 0.22 percent fall leading the decliners. The infotech index was up 0.27 percent.
President Donald Trump’s effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.
Investors were wary of making big bets ahead of the start of the earnings season, with big U.S. banks including JPMorgan Chase, Wells Fargo and Citigroup reporting on Friday.
In a significant victory for the banking industry, the Fed late last month approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes.
“I think what’s happening today is the markets are in a wait-and-see approach ahead of the next big catalyst, which is earnings season,” said Adam Sarhan, chief executive officer at 50 Park Investments in Florida.
“The way I see what’s happening today is just a little bit of rotation occurring where you’re selling leadership and you’re buying undervalued, or you’re hunting for value.”
The three major indexes are trading close to record levels, boosted by strong economic data and robust corporate performance in the first quarter.
Markets closed on a high on Friday after a payrolls report gave investors more confidence in the strength of the U.S. economy.
Nonfarm payrolls increased by 222,000 jobs last month, a report by the U.S. Labor Department showed on Friday. It was the second biggest increase this year and topped economists’ expectations for a 179,000 gain.
The dollar climbed to a two-month high against the Japanese yen on Monday as a robust jobs data propped up U.S. Treasury yields.
Federal Reserve Chair Janet Yellen’s semi-annual testimony is the key highlight of this week for investors looking for cues on further rate hikes. She will testify on Wednesday and Thursday.
At 9:57 a.m. ET (13:57 GMT) the Dow Jones Industrial Average was down 14.25 points, or 0.07 percent, at 21,400.09, the S&P 500 was down 1.03 points, or 0.042 percent, at 2,424.15 and the Nasdaq Composite was down 5.05 points, or 0.08 percent, at 6,148.03.
United Health was down 0.34 percent at $187.23 after the President Trump’s plan to replace Obamacare continued to face obstacles.
Abercrombie & Fitch shares were down 19 percent at $9.85 after the teen apparel retailer terminated discussion on a potential deal following a review.
ClubCorp shares were up 30 percent at $17.05 after the owner of private golf and country clubs got a takeover offer from private equity firm Apollo Global Management LLC.
Declining issues outnumbered advancers on the New York Stock Exchange by 1,359 to 1,255. On the Nasdaq, 1,610 issues fell and 868 advanced.
The S&P 500 index showed 27 new 52-week highs and 11 new lows, while the Nasdaq recorded 81 new highs and 69 new lows. (Reporting by Sweta Singh; Additional reporting by Anya Tharakan in Bengaluru; Editing by Arun Koyyur)

Reuters: Wall St. Falls As Oil Prices Tumble To Seven-Month Lows

Tuesday, June 20, 2017
U.S. stocks fell in late morning trading on Tuesday, slipping from record levels, as a sharp drop in oil prices squeezed energy stocks and a rebound in tech stocks petered out.
Oil prices nosedived to seven-month lows after news of increases in supply by several key producers, a trend that has undermined attempts by OPEC and other producers to support the market through reduced output. [O/R]
Oil majors Chevron (CVX.N) and Exxon (XOM.N) were down about 1.5 percent and were among the biggest drags on the Dow and S&P.
The S&P energy sector’s .SPNY 2.2 percent fall led the decliners, putting the sector on track for its biggest one-day percentage loss since early March.
Both oil benchmarks – U.S. crude and Brent – are down more than 15 percent since late May, raising concerns that prices could fall further in the near-term.
“Oil prices are now approaching bear market territory and that, psychologically, has a big impact on Wall Street,” said Adam Sarhan, chief executive officer at 50 Park Investments in Florida.
“If oil prices collapse, the message the oil market is sending is that demand is drying up and global economic growth is waning.”
At 11:04 a.m. ET (1504 GMT), the Dow Jones Industrial Average .DJI was down 3.8 points, or 0.02 percent, at 21,525.19, the S&P 500 .SPX was down 6.96 points, or 0.28 percent, at 2,446.5.
The Nasdaq Composite .IXIC was down 10.57 points, or 0.17 percent, at 6,228.45.
A recovery in technology stocks also appeared to have lost momentum, adding to the overall weakness.
“Investors are hunting for value and while the ‘buy-the-dip’ crowd showed up when tech stocks fell, we are seeing a mini-rotation among sectors where underperforming sectors such as healthcare and biotech stocks are being snapped up right now,” said Sarhan.
The S&P technology sector .SPLRCT was down 0.3 percent. It had posted two straight weeks of losses on concerns regarding valuation and a move into defensive sectors in a rising interest rate environment.
On Tuesday, Boston Fed President Eric Rosengren said that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making.
Among stocks, Lennar (LEN.N) rose 4.2 percent to $54.91 after the No. 2 U.S. homebuilder reported a higher-than-expected quarterly profit. D.R. Horton (DHI.N) was up 2.3 percent, while Pultegroup (PHM.N) rose 1.9 percent.
Chipotle (CMG.N) fell 6.7 percent to $428.58 after the burrito chain said its operating costs in the second quarter will be slightly higher than the first quarter.
Declining issues outnumbered advancers on the NYSE by 2,015 to 766. On the Nasdaq, 1,685 issues fell and 973 advanced.

CNBC: Stocks pull back from records as oil enters bear market

Tuesday, June 20, 2017
U.S. equities kicked off Tuesday’s session slightly lower as investors awaited for more details regarding potential tax reform.
The Dow Jones industrial average fell about 15 points at the open, with Chevron contributing the most losses. The S&P 500 slipped 0.2 percent, with energy falling 1.4 percent to lead decliners. The Nasdaq composite declined 0.1 percent.
House Speaker Paul Ryan is scheduled to speak later in the day at a conference held by the National Association of Manufacturers, where he is expected to push for permanent changes and comprehensive reform for individuals and businesses.
The prospects of tax reform were key in the stock market’s postelection run higher, but the Trump administration and the GOP-led Congress have not yet given concrete details on what their joint plan will be.
Treasury Secretary Steven Mnuchin told CNBC earlier on Tuesday he is confident that “massive tax reform” will be passed this year. “We’re 100 percent committed to getting it done this year. It’s critical to the economy,” he said on “Squawk Box.”
“If tax reform gets done, that’s going to be a big bullish catalyst for the stock market,” said Adam Sarhan, CEO of 50 Park Investments. He noted, however, Wall Street is still uncertain about whether these plans will come to fruition anytime soon.

Stocks were coming off a banner day Tuesday, as the Dow and S&P notched intraday and closing records. The tech-heavy Nasdaq, meanwhile, posted its best day since Nov. 7.
“Yesterday was a pivotal day on Wall Street because the bulls showed up and they bought the dip,” said 50 Park’s Sarhan. “That tells you the underlying strength from the past few years is still there.”
Wall Street also kept an eye on the energy sector as it faced pressure from falling oil prices. U.S. crude for July delivery fell 2.7 percent to $43.01 a barrel amid signs of rising production.
Oil prices are “most definitely” heading to $40 a barrel and will likely dip into the upper $30s, John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC’s “Squawk Box.”
“Not only do we have a struggle with production and an ineffectual OPEC, non-OPEC production regime, but you have this overhang again that is not clearing, and so that is what this market is reacting to,” he said.
In economic new, there were no major data releases, but investors digested remarks from key Federal Reserve officials.
Boston Fed President Eric Rosengren said the current low-rate environment was likely to remain for some time, adding that low rates handicap the central bank’s ability to “offset negative shocks.”
Meanwhile, Fed Vice Chair Stanley Fischer said that while the U.S. and other nations have taken actions to strengthen their housing finance systems, more needs to be done to prevent a future crisis.
Dallas Fed President Robert Kaplan is scheduled to speak after the close Tuesday.
Treasury yields traded mixed, with the benchmark 10-year yield slipping to 2.17 percent and the two-year yield rising to 1.364 percent.
DJIA Dow Industrials 21514.86 -14.13 -0.07%
S&P 500 S&P 500 Index 2445.83 -7.63 -0.31%
NASDAQ NASDAQ Composite 6223.93 -15.08 -0.24%
On tap this week:
3:00 p.m. Dallas Fed President Robert Kaplan
Earnings: Oracle, Winnebago, CarMax
10:00 a.m. Existing home sales
Earnings: Bed, Bath and Beyond, Barnes and Noble, Sonic, Accenture
8:30 a.m. Initial claims
9:00 a.m. FHFA home prices
10:00 a.m. Fed Gov. Jay Powell at Senate Banking
Earnings: Blackberry, Finish Line
9:45 a.m. Manufacturing PMI
10:00 a.m. New home sales
10:15 a.m. St. Louis Fed President James Bullard
12:40 p.m. Cleveland Fed President Loretta Mester
2:15 p.m. Fed Gov. Powell


Reuters: Wall St. To Open Higher On Tech Recovery; Fed In Focus

Tue Jun 13, 2017 | 8:44am EDT
U.S. stocks looked set to open higher on Tuesday as technology shares staged a recovery after a two-day rout, while investors awaited the Federal Reserve to kick off a meeting, where it is almost certain to raise interest rates. Traders have priced in a 94 percent chance of the Fed raising interest rates. Investors are also looking for more details on the central bank’s plans to trim its $4.5 trillion balance sheet.
The Fed is expected to release its decision at 2:00 p.m. ET (1800 GMT) on Wednesday. Fed Chair Janet Yellen is due to hold a press conference at 2:30 p.m. ET.
A bout of profit-taking in richly-valued technology stocks caused the Nasdaq to suffer its worst two-day drop in more than six months on Monday.
However, technology stocks appeared to recover on Tuesday. Apple (AAPL.O), which had sparked the selloff on Friday, was up 1.08 percent at $146.99 in premarket trading. Other technology heavyweights like Microsoft (MSFT.O), Alphabet (GOOGL.O) and Facebook (FB.O) were up marginally.
“It (the market) wants to wait and see if the Fed’s going to actually raise rates tomorrow and then it wants to wait and see whether or not the tech stocks can actually rebound,” said Adam Sarhan, chief executive officer at 50 Parks Investments in Florida.
“If (the rebound) holds and the Fed does raise rates tomorrow, it would bode very well for bulls.”
At 8:23 a.m. ET, Dow e-minis 1YMc1 were up 23 points, or 0.11 percent, with 7,192 contracts changing hands.
S&P 500 e-minis ESc1 were up 4.25 points, or 0.18 percent, with 201,462 contracts traded.
Nasdaq 100 e-minis NQc1 were up 19.25 points, or 0.34 percent, on volume of 13,643 contracts.
The U.S. Treasury Department unveiled a plan on Monday to make sweeping changes to banking regulations, a prospect that has helped drive Wall Street to record highs.
The department proposed to reduce trading restrictions that big banks face, ease their annual stress tests, and curb the powers of the Consumer Financial Protection Bureau (CFPB).
Shares of big banks that stand to benefit from these changes, including Bank of America (BAC.N), Goldman Sachs (GS.N) and JPMorgan (JPM.N), were up in premarket trading on Tuesday.
Restaurant chain operator Cheesecake Factory (CAKE.O) was down 9.2 percent at $52.98 after it warned of a decline in comparable store sales in the current quarter.
Tesla (TSLA.O) was up 1.57 percent at $364.65 after Berenberg raised its rating on the stock to “buy” from “hold”.
Online retailer Alibaba (BABA.N) was up 1.8 percent at $141.6 after Raymond James raised its price target.
Shopify’s U.S.-listed shares (SHOP.N) were down 1.7 percent at $87.36 after Goldman Sachs downgraded the Canadian e-commerce software maker’s stock to “neutral” from “buy”.

CNBC: Stocks Close Lower As Wall Street Braces For Key Events Later This Week

Tuesday, May 6, 2017

  • The Dow, S&P and Nasdaq ended Tuesday’s session lower, with investors looking ahead to ex-FBI Director James Comey’s testimony and the UK general election.
  • Bond prices, meanwhile, caught a bid as the benchmark 10-year note yield hit its lowest level since the days following the U.S. presidential election.
  • Gold prices also hit their highest level in seven weeks.
U.S. equities closed lower on Tuesday as Wall Street hedged bets ahead of key events slated for later this week.
The Dow Jones industrial average fell about 45 points, with Boeing contributing the most losses. The S&P 500 closed 0.28 percent lower, with consumer discretionary leading decliners. The Nasdaq composite lagged, slipping 0.33 percent.
The three indexes briefly a small bid in afternoon trade after ABC News reported, citing a source, that former FBI director James Comey will stop short of saying President Donald Trump obstructed justice in the bureau’s investigation of ex-national security advisor Michael Flynn’s Russian ties, but failed to follow through.
“The market took a small sigh of relief, but there’s still some caution because we don’t know what’s going to happen when Comey testifies,” said Adam Sarhan, CEO of 50 Park Investments.
Comey is slated to testify Thursday in front of the Senate intelligence committee, marking his first public comment since being fired by Trump.
“The Comey testimony may give us something to talk about. I think it could be a he-said-he-said situation which could put off what can be done in Washington,” said Bruce McCain, chief investment strategist at Key Private Bank.
Investors have remained vigilant about any new developments on the situation. Nevertheless, the major large-cap indexes have made on making new highs recently as pullbacks present new buying opportunities.

“It’s hard to figure out what exactly would put a dent on this market,” said Key Private Bank’s McCain. “Things haven’t been going too well but sentiment data has been strong.”
“It’s as if the Energizer Bunny has taken over and we’re just going higher and higher,” he said.
Bond prices, meanwhile, caught a bid as the benchmark 10-year note yield hit its lowest level since the days following the U.S. presidential election. Gold prices also hit their highest level in seven weeks.
“Those two markets are maybe signaling concern” among investors, said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. “The [stock] market has been flatlining in the past few days as it waits for some clarity.”
In economic news, job openings hit a record high in April, according to the Job Openings and Labor Turnover Survey (JOLTS), which showed a total of 6.0 million openings.
Craig Bishop, vice president of U.S. fixed income at RBC Wealth Management, said that, while the U.S. economy keeps perking along, inflation is still trailing the Federal Reserve’s desired levels.
“I think there’s some concern in the market that the Fed may be done raising rates after June,” he said. “We all know the Fed is data dependent. Right now, there’s a good chance the Fed holds after the June meeting.
The U.S. central bank is set to meet next week, when it’s widely expected to raise rates.
Overseas, investors prepared for a general election in the United Kingdom set for Thursday. While a vast majority of observers still expect May to emerge victorious on Thursday, a Survation poll published last weekend placed the prime minister’s ruling right-wing Conservative Party ahead by just a single percentage point.
On Tuesday, the pan-European Stoxx 600 dropped 0.67 percent, while the British pound slipped 0.1 percent to $1.289.
DJIA Dow Industrials 21136.23
-47.81 -0.23%
S&P 500 S&P 500 Index 2429.33
-6.77 -0.28%
NASDAQ NASDAQ Composite 6275.06
-20.63 -0.33%
The Dow Jones industrial average fell 47.81 points, or 0.23 percent, to close at 21,136.23, with Wal-Mart leading decliners and Exxon Mobil outperforming.
The S&P 500 slipped 6.77 points, or 0.28 percent, to end at 2,429.33, with consumer discretionary leading nine sectors lower and energy and materials the only advancers.
The Nasdaq declined 20.63 points, or 0.33 percent, to close at 6,275.06.
Decliners were a step ahead of advancers at the New York Stock Exchange, with an exchange volume of 833.44 million and a composite volume of 3.343 billion at the close.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 10.5.


MarketWatch: Stocks Struggle For Direction As Investors Digest Trump Remarks, Drama Ahead

Published: June 5, 2017 2:42 p.m. ET
Comey testimony, ECB meeting, U.K. election are some of the highlights of a busy week ahead
U.S. stocks struggled to find direction Monday, losing hold of a slight boost following remarks from President Donald Trump on revamping the country’s air-traffic control system, as investors grappled with a variety of geopolitical issues, both domestic and abroad.
Stocks retreated from an earlier show of strength on Trump’s remarks got under way, falling back to slight losses as the session progressed.
The Dow Jones Industrial Average DJIA, -0.04% fell 10 points, or less than 0.1%, to 21,196, led higher by shares of Exxon Mobil Corp. XOM, +0.99%  and Microsoft Corp. MSFT, +0.86%  Earlier, the average had been up by as many as 18 points.
The S&P 500 SPX, -0.03% declined by about 1 point to 2,438, with eight of 11 sectors broadly trading lower, with about 0.3% declines in the utilities, materials, consumer-discretionary, real-estate, health-care and telecom sectors.
The Nasdaq Composite Index COMP, -0.06%  declined 5 points, or 0.1%, to 6,301, after inching up to an intraday record of 6,310.62 in early trading. All three indexes ended at closing highs for a second straight session on Friday, as investors brushed aside a weaker-than-expected May jobs report.
This week will deliver testimony by fired Federal Bureau of Investigation Director James Comey, as well as the U.K. general election, and a European Central Bank meeting. Separately, the recent terror attack in the U.K. could amplify concerns, while a rift among Gulf states, which led to a rise in crude-oil prices, could further dent sentiment.

The FTSE 100 index UKX, -0.29%  and European stocks ended lower on Monday, after Saturday evening’s terror attack near London Bridge. Three assailants in a van mowed down pedestrians, then went on a knife rampage in Borough Market. At least seven people died and scores were injured, 21 critically.
“The market is in a wait-and-see mode. We’re trading near all-time highs, earnings season is pretty much over, and we’re waiting on clarity from central banks. Outside of the terrorism factor, which has been elevated, we’re still looking for the next bullish catalyst,” said Adam Sarhan, chief executive of 50 Park Investments. “However, the fact that we’re not down more after an attack like this is a sign of strength. So long as these kinds of attacks are fairly contained, they won’t change the economic picture.”
Read: Police arrest 12 in London raids after terror attack
While the terror attack in London is tragic and the drama out of Washington is frustrating, at the end of the day, unless it’s a headline that is going to change how companies do business, the market is going to stay resilient, said Karyn Cavanaugh, senior market strategist at Voya Financial.
“Every day is not going to be a record day, so when you have these pullbacks there are also investors with the fear of missing out,” Cavanaugh said.
The terror incident comes just days ahead of the U.K. election on Thursday. Investors will watch to see whether Prime Minister Theresa May’s Conservative Party, which is looking for backing for its strategy for exiting the European Union, will manage to keep its majority in parliament. The vote could lead to more uncertainty over Brexit.
Read: U.K. election—the worst, best and most likely scenarios for stocks world-wide
And see: 5 things to know about the U.K. general election this week
Economic docket: The latest read on first-quarter output was raised to 1.7% from 1%, while a read on productivity was raised from a -0.6% read to an unchanged level. The Institute for Supply Management’s index on the services sector fell 0.6 points in May, though it remains in solidly positive territory.
Factory orders fell 0.2% in April, snapping a four-month streak of positive months.
A turbulent week ahead: Beyond, the U.K. election and Senate hearing, featuring former FBI head Comey, a meeting of the ECB in Talinn, Estonia, is scheduled on Thursday. Investors will be watching to see if the central bank offers any clues about when it will begin tapering its stimulus program.
See: Top Democrat says there’s smoke, but ‘no smoking gun’ yet in Russia probe
And check out: Trump weighing whether to block Comey testimony to Senate
In addition, stocks are entering a traditionally turbulent period, with Bespoke Investment noting that equities tend to fall around 0.79% in the two-week span between May 30 and June 13.
Read: Stock market bracing for potentially the stormiest stretch of trading this year
Stocks to watch: Shares of TG Therapeutics Inc. TGTX, -6.14%  fell 5.3%, reversing an early gain after the company announced positive trial news over the weekend regarding a combination treatment for patients with previously treated high-risk Chronic Lymphocytic Leukemia.
The drugmaker said it would share the data with the Food and Drug Administration later this year to discuss filing for accelerated approval.
Apple Inc. AAPL, -1.05%  shares slipped 1.1% after Pacific Crest downgraded shares to sector weight from overweight, saying all the good news from the iPhone 8 has been priced in, but not enough risk.
Mallinckrodt PLC MNK, -5.02% shares slumped by 5% after a new call by Citron Research, which said it was betting for further declines in the pharmaceutical company.
Cogint Inc. COGT, -18.47%  shares tumbled 17% after a short seller’s note alleging the data-analysis company’s insiders were under investigation.
DexCom Inc. DXCM, +5.05%  shares rose 6.3% after Apple CEO Tim Cook said that the Apple Watch will be able to connect better to devices like continuous glucose monitors, which DexCom makes.
Gigamon Inc. GIMO, +9.22%  shares rallied nearly 11% on a report the company is exploring a sale.
Herbalife Ltd. HLF, -7.56%  shares dropped 7.6% after the company cut its sales outlook.
U.S. private-equity firm Blackstone Group LP BX, -0.92%  has made a $1.98 billion takeover bid for real-estate investor Sponda PLC SDA1V, +20.81% sending the Finnish company’s shares surging nearly 21% on Monday.
Other markets: Gold prices GCQ7, +0.15%  settled up 0.2% at $1,282.70 an ounce. The British pound GBPUSD, +0.1551% ticked slightly higher following a slip after Saturday evening’s terror attack. Asian stocks ADOW, -0.19%  finished the day largely weaker.
Oil prices CLN7, -0.50% fell 0.8%, paring a gain of more than 1% seen earlier in the European session and in Asian trading. The rise was driven by news that Saudi Arabia, Egypt, Bahrain and the United Arab Emirates had cut relations with Qatar after accusing the country of interfering in internal affairs and supporting terrorism.
That news left the Qatar QE index down more than 7% on Monday. The iShares MSCI Qatar Capped ETF QAT, -8.77% the largest exchange-traded fund to track the country’s equity market, sank 8.9%.
—Barbara Kollmeyer in Madrid contributed to this article.

Reuters: Box Beats Expectations With Steady Growth, Shares Jump

By Salvador Rodriguez | SAN FRANCISCO

Shares of Box Inc (BOX.N) rose more than 4 percent in after-hours trading Wednesday after the cloud storage firm’s quarterly earnings edged ahead of Wall Street analyst’s expectations.
The Redwood City, California-based company posted revenue of $117.2 million for the period, ahead of a Thomson Reuters i/b/e/s consensus forecast of $114.7 million. Box also posted an adjusted loss of 13 cents per share, better than an expected 14 cents per share loss.
“It was a strong quarter in terms of top line growth,” CEO Aaron Levie said in an interview on Wednesday afternoon. “It was another quarter of positive free cash flow, which is very important for Wall Street.”
Though revenue growth continued to slow slightly, Levie said the company was on track to achieve its goals of reaching profitability and generating over $1 billion in annual revenue by 2021. For now, though, the company remained focused on growing its customer base, he said.
“We want to make sure that as we’re scaling the company we don’t need to raise outside capital, but grow the business in a completely sustainable way,” Levie said.
The company projected revenues of $121 million to $122 million for the current quarter.
The results showed the company was holding its own against rivals like Microsoft Corp (MSFT.O), Google (GOOGL.O), DropBox Inc and Inc (AMZN.O), said Adam Sarhan, CEO of 50 Park Investments. Going forward, the question is whether Box can hang onto its market share.
The company now claims 74,000 paying customers, up 3,000 from the previous quarter. More specifically, the company saw year-to-year growth of 70 percent when it came to its Box Governance product, a service that simplifies use of Box for enterprises that deal with complicated regulations.
(Reporting by Salvador Rodriguez; Editing by Andrew Hay)