U.S. Stocks Little Moved as Special Counsel Appointed on Russia

BTIG's Stockton Says Market Pullback Is Constructive

U.S. stocks were little changed after their worst drop since September, as worries about a political crisis surrounding U.S. President Donald Trump lingered.

The S&P 500 Index lost less than 0.1 percent to 2,357 at 9:50 a.m. in New York, while the Dow Jones Industrial Average dropped 33 points to 20,573.

  • Telecom led market in early trading, up 0.5%
  • Industrials down 0.6%, worst performing group
  • 10-year Treasury yield down 2 bps
  • VIX down to 15.3
  • Volume in S&P 500 30% above 30-day average
  • The dollar rose for the first time in seven days after former FBI Director Robert Mueller was appointed as special counsel to investigate Russian efforts to influence the 2016 election
  • Traders are pricing in an 90% chance the Federal Reserve will hike rates at its June meeting, federal funds futures show
  • POLITICS:
    • U.S. Deputy Attorney General Rod Rosenstein calmed political furor over the firing of the FBI director by appointing former FBI Director Robert Mueller special counsel overseeing the Russia inquiry
    • “This is the single greatest witch hunt of a politician in American history!” Trump said on Twitter
  • ECONOMY:
    • Jobless claims fall 4,000 to 232,000; est. 240,000
    • U.S. May Philadelphia Fed Index rises to 38.8, est. 18.5
  • EARNINGS:
    • After-market Thursday: McKesson (MCK), Ross Stores (ROST), Applied Materials (AMAT), Autodesk (ADSK), Gap (GPS)
    • Pre-market Friday: Deere (DE), Campbell Soup (CPB), Foot Locker (FL)

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