Category: Stock Market News

Gold futures settled higher on Thursday, at their highest level in about 17 months, but prices finished below the key $1,300 level as the fatal shooting of a British politician put campaigning ahead of the U.K. referendum next week on hold. The so-called Brexit vote is set to decide whether the country will stay or leave the European Union. Gold for August delivery rose $10.10, or 0.8%, to settle at $1,298.40 an ounce–the highest settlement since Jan. 22, 2015.

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he British pound and U.S. stocks rebounded Thursday after both sides in the U.K. European Union referendum campaign suspended activity for the day following death of a U.K. lawmaker who was shot while meeting with constituents. Boris Schlossberg, managing director of currency strategy at BK Asset Management, said rumors that the U.K. referendum, set for next week, could be delayed because of the attack helped push stocks and the pound higher. There’s been no official indication that a referendum delay is being contemplated. If the police confirm suspicions that the attack was politically motivated, it could bolster support for a “remain” vote, Schlossberg said. “If the supposition of the market is right — that this was a politically motivated act — it’s probably going to alter the calculus for the vote,” Schlossberg said. The pound recently traded at $1.4197, off its daily low of $1.4012. U.S. stocks pared much of their earlier losses, with the Dow industrials turning flat on the day at 17,640. The S&P 500 was off 0.2% at 2,068. Government bond yields also rose. Bond yields move inversely to prices.

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Wells Fargo & Co.’s stock slumped 0.9% to a four-month low in midday trade Thursday, which put it on track to suffer the longest losing streak since before the Great Recession, as the continued slide in Treasury yields pressured the bank sector. The stock has declined for eight-straight sessions, which would be the longest such streak since the eight-session stretch ending Oct. 19, 2007. The shares have tumbled 8.4% during their loss streak. The selloff comes as the yield on the 10-year Treasury note hit a 3 1/2-year low, and yields on 30-year Swiss bonds turned negative for the first time ever. Lower long-term interest rates narrows the spread between what banks earn by funding longer-term loans with shorter-term liabilities. The SPDR Financial Select Sector ETF fell 0.4% to a two-month low.

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Microsoft Corp. has become one of the first major technology companies to get into the marijuana business. The company has reportedly announced a partnership with KIND Financial, a seed-to-sale software provider that helps state and local governments track the cannabis business, according to Marijuana.com. A team at Microsoft will reportedly help clients navigate regulations and laws, while tracking legal cannabis commerce and helping to stop product from reaching the black market, according to the report. Microsoft did not immediately respond to a request for comment, and the site for KIND Financial appeared to have been taken down as of 12:30 p.m. ET. Shares of Microsoft traded 1% higher to $50.17 Thursday afternoon. They are down 7.8% over the last three months, versus a 1.7% improvement for the Dow Jones Industrial Average.

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Jo Cox, a British member of parliament, has died after being shot while meeting constituents, the police announced. Cox, a Labour MP, was shot by a man who an eyewitness said yelled “Britain first.” Cox was a supporter of the campaign to remain in the European Union. Both the Remain and Leave campaigns were suspended after the shooting.

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The number of stocks on the NYSE that hit 52-week lows is outnumbering the number that reached new highs on Thursday for the first time in a month, and for just second time since late February. With the Dow Jones Industrial Average falling 121 points to 3 1/2-week lows, new NYSE highs fell to 34 in morning trade, from 84 on Wednesday, while new lows rose to 41 from 9. The last time new lows beat new highs was May 19, when the Dow bottomed at a 2-month low. The time before that was Feb. 24, when the Dow fell as much as 266 points intraday before closing up 53 points. The last time new lows topped new highs in back-to-back sessions was the 10-session streak ending Feb. 16, a two-week period which included the Dow closing at a 2-year low of 15,660.18 on Feb. 11.

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Natural-gas futures edged lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 69 billion cubic feet for the week ended June 10. That was above the average rise of 64 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.041 trillion cubic feet, up 633 billion cubic feet from a year ago and 704 billion cubic feet above the five-year average, the government said. July natural gas fell 1.9 cents, or 0.7%, at $2.576 per million British thermal units. It traded at $2.60 before the data.

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U.S. stocks opened lower, on track for their sixth straight drop, after both the Federal Reserve and Bank of Japan expressed concern about the potential fallout from a “Brexit.” The S&P 500 shed 7 points, or 0.4%%, to 2,063. The Dow industrials were off 56 points, or 0.3%, to 17,576. The Nasdaq Composite slid 22 points, or 0.5%, to 4,812. U.K. voters head to the polls on June 23 to decide whether to remain a member of the European Union, or to leave. Economists and market strategists say an “out” vote could instigate widespread turmoil in global markets.

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A British member of parliament was shot and stabbed while meeting with her constituents, published reports said. Jo Cox, a Labour Party member for Batley and Spen, was attacked in the city of Birstall and was subsequently airlifted to a hospital, where she’s reported to be in critical condition.

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