Category: Stock Market News

Oil prices settled at their highest level in about two months on Wednesday after U.S. government figures showed that crude supplies fell for a fourth week in a row. Prices have also found support from promises of cut backs in exports from some members of the Organization of the Petroleum Exporting Countries, concerns about Venezuelan oil supplies and signs of a possible slowdown in U.S. crude production. September WTI crude rose 86 cents, or 1.8%, to settle $48.75 a barrel on the New York Mercantile Exchange. That was the highest finish for a most-active contract since May 30, according to FactSet data.

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The U.S. dollar pivoted lower on Wednesday after the Federal Reserve said it would begin winding down its bond holdings “relatively soon.” The central bank left rates unchanged as expected but the tone of the updated policy remarks might imply to investors that it is taking a go-it-slow approach, bearish for the buck. The U.S. dollar index traded at 94.05, in slightly negative territory, and off a high of 94.29 that had been hit earlier in the session. It saw a particular dip against the euro , which traded at $1.1688 from $1.1649 late Tuesday. Prior to the Fed statement, it had traded around $1.1630. Against the Japanese yen , the dollar changed hands at ¥111.74, compared with ¥112.13 prior to the announcement, and compared with ¥111.90 late Tuesday.

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Eagle Pharmaceuticals Inc. shares plummeted 20.6% in heavy afternoon trade Wednesday on news that the company’s exertional heat stroke drug failed to receive Food and Drug Administration approval. The FDA asked for another clinical trial on the drug, the company said. Last year, the drug, Ryanodex, was given a priority review designation, which is intended for therapies that would significantly improve safety or effectiveness of a treatment. Eagle Pharma said it is reviewing its options and will evaluate the FDA’s response. Exertional heat stroke happens during physical activity due to organ tissues getting overheated, which can cause harm and even death. Eagle Pharma stock has plummeted 37.7% over the last three months to $55.95, compared with a 3.8% rise in the S&P 500 .

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Eagle Pharmaceuticals Inc. shares were halted in midday trade Wednesday on news that the company’s exertional heat stroke drug failed to receive Food and Drug Administration approval. The FDA asked for another clinical trial on the drug, the company said. Last year, the drug, Ryanodex, was given a priority review designation, which is intended for therapies that would significantly improve safety or effectiveness of a treatment. Eagle Pharma said it is reviewing its options and will evaluate the FDA’s response. Exertional heat stroke happens during physical activity due to organ tissues getting overheated, which can cause harm and even death. Eagle Pharma stock has plummeted 21% over the last three months to $70.72, compared with a 3.9% rise in the S&P 500 .

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Taiwanese electronics manufacturer Foxconn, maker of Apple Inc.’s iPhone, will unveil plans to build a factory in southeastern Wisconsin later Wednesday, the Washington Post reported, citing four officials with knowledge of the announcement. The plant will make flat-screen displays and is expected to create up to 10,000 jobs, according to Wisconsin Assembly Speaker Robin Vos, the paper reported. Foxconn chairman Terry Gou told President Donald Trump he would invest at least $7 billion in the U.S. and create up to 50,000 jobs. Foxconn contracts with most major tech companies and have more than a million workers in Asia, Europe and South America. The announcement is expected to be made at 5 p.m.

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Boeing Co.’s stock price surge after second-quarter results has made it the most influential component of the Dow Jones Industrial Average , vaulting it ahead of second place Goldman Sachs Group Inc. . The Dow is a price weighted index, rather than weighted by market capitalization, like some other major market indexes including the S&P 500 and Nasdaq Composite . Boeing’s stock is now the Dow’s highest priced at $230.10, meaning each 1% move would affect the Dow’s price by about 16 points. Meanwhile, Boeing’s market cap ranks 20th of the Dow’s 30 components at $138.9 billion, or less than one-fifth the market cap of Apple Inc. at $800.7 billion. A 1% move in Apple’s stock would affect the Dow by about 10.5 points. The top 3 Dow influencers are now Boeing, Goldman and 3M Co. , even thought their combined market cap is less than half that of Apple.

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Rep. Steve Scalise has been discharged from MedStar Washington Hospital Center, the hospital announced Wednesday. The House majority whip was shot last month at a baseball practice ahead of a congressional game. “Yesterday, he was discharged from MedStar Washington Hospital Center and is now beginning a period of intensive inpatient rehabilitation. He is in good spirits and is looking forward to his return to work once he completes rehabilitation,” the hospital said.

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The Dow Jones Transportation Average slumped 46 points, or 0.5%, in midday trade Wednesday, to take some of the shine of the Dow Jones Industrial Average’s triple-digit point rally to record highs, following disappointing results from Norfolk Southern Corp. and Alaska Air Group Inc. . Shares of Alaska Air slumped $2.74, or 3.1%, after the air carrier missed earnings expectations while was roughly in line, according to FactSet. The stock’s price decline was shaving about 17 points off the Dow transports’ price. Meanwhile, Norfolk Southern shares shed $3.47, or 2.9%, after the railroad company beat profit expectations but just matched on sales. The price drop was reducing the Dow transports by about 21 points. The Dow transports have gained 4.4% year to date, while the Dow industrials have rallied 9.9%.

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Oil prices climbed to their highest level in almost two months Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 7.2 million barrels for the week ended July 21. That topped the forecast for a decline of 2.5 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday a fall of 10.2 million barrels. Gasoline stockpiles also fell by 1 million barrels, while distillate stockpiles lost 1.9 million barrels last week, according to the EIA. September crude rose 56 cents, or 1.2%, to $48.45 a barrel on the New York Mercantile Exchange. A finish around this level would be the highest since late May. Prices traded at $48.13 before the supply data.

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Boeing Co.’s surging stock on Wednesday is the main driver behind the Dow Jones Industrial Average’s opening jump. Boeing shares , were trading up nearly $16, or 7.5%, in recent action and were contributing more than 100 points to the price-weighted Dow , helping the blue-chip gauge register a 120 point, or 0.6%, rally at 21,735. The dollar-gain for Boeing puts it on pace to notch an all-time high and mark its best daily point rise on record, going back to 1972, according to FactSet data. The sharp share rally was powered by Boeing lifting its forecast for 2016 early Wednesday as it posted second-quarter results that were better than analysts estimates. Boeing has been the single-best performer among the Dow’s 30 components so far this year, up a whopping 47%, compared with a year-to-date climb for Apple Inc. of 33%.
Early Wednesday, all three equity benchmarks were trading in record territory, with the S&P 500 index up 0.1% at 2,480 and the Nasdaq Composite Index was climbing 0.3% at 6,430.

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