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Health-care stocks rallied Wednesday after a government report said that Medicare cost-cutting measures will not be triggered this year. The S&P 500 Index’s health-care sector rose 1% compared with the broader index’s 0.3% gain. In particular, biotech stocks, seen as most sensitive to cost cuts, led heath-care gains with shares of Regeneron Pharmaceuticals Inc. up 4%, and shares of Vertex Pharmaceuticals Inc. and Celgene Corp. both up 3%. The iShares Basdaq Biotechnology Index ETF rose 2%. The report from Medicare’s board of trustees also said the Medicare’s Hospital Insurance Trust Fund would run out in 2028, two years earlier than expected.

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From:: Stock Market News

The pound trimmed earlier gains in London afternoon trade on Wednesday after a fresh Brexit poll showed the “leave” camp was in the lead by one point. According to the survey by Opinium, 45% of the respondents favor a goodbye to the European Union, while 44% prefer to stay in. “Everything rests on 9% still undecided,” the pollster said in a post to Twitter. Sterling dropped to $1.4667 after the poll, compared with around $1.472 ahead of the release. Financial markets are on a knife’s edge ahead of the Brexit referendum on Thursday, with sterling and European stocks whipped around by changes in polls and booking odds. According to the Financial Times’ Brexit poll tracker, 44% are would like to remain in the EU, while 45% want to leave.

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WASHINGTON (MarketWatch) — The Medicare Hospital Insurance Trust Fund will have sufficient funds to cover its obligations until 2028, two years earlier than previously projected, trustees announced Wednesday. Social Security’s retirement and disability trust fund reserves are projected to be exhausted in 2034, the same year as previously estimated.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Oil futures seesawed between minor losses and gains Wednesday, trading back under $50 a barrel after the U.S. Energy Information Administration reported a much smaller-than-expected decline in U.S. crude supplies. Inventories fell by 900,000 for the week ended June 17. The American Petroleum Institute late Tuesday had reported a 5.2 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 1.4 million barrels. Gasoline supplies rose by 600,000 barrels, while distillate stockpiles edged up by 200,000 barrels last week, according to the EIA. August crude was at $49.75 a barrel on the New York Mercantile Exchange, down 10 cents, or 0.2%, from Tuesday’s settlement. Prices traded at $50.18 before the data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

American Express Co. on Wednesday said it will change its chargeback policy — the amount merchants pay out after fraudulent or false charges — on EMV chip cards. American Express said by the end of August, merchants won’t be liable for counterfeit fraud on transactions under $25. The change is an effort to increase EMV adoption in the U.S., according to a news release. EMV adoption in the U.S. has been slower than expected. An analysis by American Express found more than 40% of counterfeit chargebacks in the U.S. are for transactions under $25, the company said in a release. By the end of 2016, American Express will limit the number of merchant chargebacks to 10. The card issuer will be responsible for any additional counterfeit charges, as the 10 chargeback limit doesn’t prevent card members from challenging charges. The changes from American Express are scheduled to be in effect until April 2018. Shares of American Express are down more than 10% in the year to date, underperforming the S&P 500 Index, which is more than 2%.

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Amazon.com Inc. added a new product to the low-end of its Kindle line on Wednesday that will retail for $79.99. The new Kindle is thinner and lighter than its previous $79.99 e-reader, and includes new features such as a way to export notes and highlights from a book to email and built-in Bluetooth. Unlike the higher-end Kindles –Kindle Paperwhite, Kindle Voyage and Kindle Oasis– it does not have a built-in light, and is only WiFi -not 3G- capable. The announcement comes two months after Amazon reported strong hardware sales in its fiscal first quarter, led by Amazon Echo, Fire tablets and Kindles, and about nine months after the company discontinued the Fire smartphone after failing to grow sales. In April, Amazon launched a high-end Kindle called Kindle Oasis, a leather-bound e-reader that retails for $289.99. Shares of Amazon fell 0.2% to $714.56 in morning trade. They’ve risen 27% over the last three months and 64% over the last 12 months, vastly outperforming the S&P 500.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks made a tepid move higher Wednesday morning, putting the three main indexes on pace to extend a multiday climb to three days amid uncertainty surrounding Thursday’s U.K. referendum on European Union membership. Investors were also bracing for a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen starting at 10 a.m. Eastern Time. The Dow Jones Industrial Average opened 23 points, or 0.1%, higher to 17,840, the S&P 500 rose 3 points, or 0.2%, to 2,092, while the Nasdaq Composite Index tacked on 6 points, or 0.1%, to 4,849. Meanwhile, Tesla Motors Inc. was in the spotlight after the electric-car company headed by Elon Musk offered to buy SolarCity Corp. late Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News