U.S. Equities Drop as Tech, Utility Losses Offset Bank AdvanceBy
U.S. stocks slid, while the biggest banks climbed after clearing stress tests and then announcing shareholder payouts.
The S&P 500 lost 0.3 percent as of 10:01 a.m. in New York, following the benchmark’s biggest gain in two months. The Dow Jones Industrial average was unchanged at 21,455.
- Financial stocks up 1.6% for fourth straight advance
- Every lender passed annual stress tests for the first time since the Federal Reserve began the reviews in the wake of the 2008 financial crisis. Banks were also boosted this week by the Fed reiterating that its tightening is on track
- Energy shares up 0.6% as oil adds 0.7%
- WTI crude advanced for the sixth day as U.S. crude production tumbled the most in almost a year, easing pressure on OPEC-led efforts to drain a global glut
- The S&P 500 is heading for a third monthly advance in June, and has risen 9 percent in the first half of the year
- VIX up to 10.4
- Staples added 2% after private-equity firm Sycamore Partners agreed to acquire the retailer for $6.9 billion
- The Trump administration issued guidelines to U.S. embassies and consulates on how to enforce new restrictions on travel to the U.S. by refugees and migrants from six countries planned to go into effect as of 8 p.m. eastern time Thursday, according to a person familiar with the policy
- Gross domestic product rose at 1.4% annualized rate (forecast and previous were 1.2%)
- After-market Thursday: Micron Technology (MU), NIKE (NKE)
For more equity market news:
- Bullish Bets on Financial Firms Rose Before Stress Tests: Chart
- Goldman Sachs Refreshes European M&A Basket, Adds 16 New Names