Category: Stock Market News

The American Petroleum Institute reported Tuesday an unexpected climb of 1.6 million barrels in U.S. crude supplies for the week ended July 14, according to sources. The API data also showed a drop of 5.4 million barrels in gasoline supplies, while inventories of distillates were down 2.9 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3 million barrels in crude inventories. August crude was at $46.25 a barrel in electronic trading, down from the contract’s settlement of $46.40 on the New York Mercantile Exchange.

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United Continental Holdings Inc. shares turned lower late Tuesday after the company reported second-quarter results above expectations. United said it earned $818 million, or $2.66 a share, in the quarter, compared with $1.78 a share in the year-ago period. Adjusted for one-time items, United said it earned $846 million, or $2.75 a share, compared with $2.61 a share a year ago. Revenue rose 6.4% to $10 billion in the quarter. Analysts polled by FactSet had expected adjusted earnings of $2.66 a share on sales of $9.97 billion. The company, under a cloud earlier this year after a passenger was forcibly removed from one of its flights after he refused to give up his seat, said it had implemented several changes in the quarter to improve customer experience, including reducing overbooking. Shares of United Continental ended the regular session down 1.1%.

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Dick’s Sporting Goods Inc. confirmed Tuesday that it is launching a price match program. According to the company’s website, to qualify for the “price match guarantee” the item must be the same brand, model and color; the product must be immediately available at a retailer like Macy’s Inc. , Amazon.com Inc. , Wal-Mart Stores Inc. or Kohl’s Corp. ; and it must meet certain other criteria for eligibility. For example, markdown items aren’t included. Dick’s also announced that it will be closing its Chelsea Collective stores on August 6. Chelsea Collective was a fitness boutique for women that focused on apparel, shoes and accessories. There were just two stores open for two years. “We opened Chelsea Collective stores as a lab to more thoroughly understand the women’s specialty athletic business. As the leases at both locations are expiring soon, we have concluded the very successful experiment,” Dick’s said in a statement. Dick’s shares closed Tuesday down 2.5%, and are down 30.3% for the year so far. The S&P 500 index is up nearly 10% for the period.

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The U.S. stock market ended mixed on Tuesday, but the Nasdaq Composite Index marked its first closing high since June, highlighting a remarkable rebound for the technology-laden benchmark since its early June swoon. But the overall market was weighed by a slump in some of the U.S.’s biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc. . The price-weighted Dow Jones Industrial Average finished off 0.3%, but well off its lows of the session. The S&P 500 index closed at slight record, as gains in the consumer-discretionary and tech sectors , both up 0.5%, helped to offset a drop of 0.5% and 0.3% in energy and financials . Netflix’s 13.5% share surge after reporting better-than-expected results late Monday, also helped the media-streaming company post a record and powered the tech rally. Technology shares, which represent the largest component of the S&P 500, have been crucial to advance’s in the broad-market benchmark, though valuations have been a main concern for market participants. Elsewhere, the Tuesday’s rally in risk assets, like tech names, belied some haven buying as the U.S. dollar slumped in the wake of reports that Republican lawmakers were nixing plans to push forward a Senate bill to repeal and replace the Affordable Care Act, otherwise known as Obamacare. One measure of the dollar, the ICE U.S. Dollar Index , traded around its lowest level since September, off 0.5%. Meanwhile, prices of gold , which is priced in dollars, jolted higher. The yield in the benchmark, 10-year Treasury note fell to 2.26%, signalling investors were buying bonds, pushing yields lower. The apparent failure of the health-care legislation is seen as delaying pro-growth policies espoused by President Donald Trump, which could boost the buck and push Treasury prices lower. Bond prices and yield move inversely.

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The Nasdaq Composite Index on Tuesday was on track to book its longest streak of gains in more than two years and its first record close in about a month, highlighting a steady climb for the tech-centric benchmark, and a rebound in popular trades like Netflix Inc. . Most recently, the Nasdaq was trading in record territory and on track to mark its longest string of gains, at eight sessions in a row, since the 10-session period ended Feb. 24, 2015, according to the WSJ Market Data Group. The gauge had been wrestling with an extended downturn in technology shares since June 8, when the sector began a monthlong slump amid fears the high-flying group, including names like Facebook Inc. , Amazon.com Inc., Apple Inc. , Netflix, and Alphabet-parent Google Inc. , were rising too far, too fast. However, those companies and the tech benchmark has been recently rebounding from its June lows, with a recent batch of second-quarter earnings from Netflix helping to bolster sentiment in those growth names Overall, the Nasdaq Composite was trading up 0.4%, above its all-time closing high of 6,321.76 set June 8, while the Dow Jones Industrial Average was down about 0.3%, pressured by a slump in shares of Goldman Sachs , while the S&P 500 index was trading flat. The popular tech-focused, exchange-traded Technology Select Sector SPDR ETF also was trending higher and facing its own eight-session streak, as was the PowerShares QQQ Trust Series 1 , which is designed to mimic the performance of the large-cap Nasdaq-100 index .

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The TV production and distribution arm of Metro-Goldwyn-Mayer said on Tuesday it’s acquiring the assets of unscripted TV producer Evolution Media. Terms of the deal were not disclosed. Evolution Media’s roster of shows include hit reality shows such as “The Real Housewives of Beverly Hills” and “Vanderpump Rules,” which air on Comcast Corp.-owned NBCUniversal’s Bravo. After the deal, the company will operate as Evolution Media, an MGM company, and founder and Chief Executive Douglas Ross will become the company’s president. “Doug and [Alex Baskin, president of programming and development] have been creating and producing hit series for decades,” said MGM TV head Mark Burnett in a statement. “These guys have talent and drive and will help our MGM Television ‘hit machine’ to continue to grow and grow.” MGM hopes the acquisition will enhance its current roster of series, which include “Survivor” on CBS Corp. , “The Voice” on NBC, “Shark Tank” on Walt Disney Co.-owned ABC and “The Handmaid’s Tale” distributed by Hulu — a joint venture from Disney, Comcast, 21st Century Fox Inc. and Time Warner Inc. .

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Gold extended its streak of price gains into a third session Tuesday, finding support in the wake of weakness in the U.S. dollar as some downbeat economic data dulled the prospects for further interest-rate hikes by the Federal Reserve this year. August gold rose $8.20, or 0.7%, to settle at $1,241.90 an ounce.

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The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed by a sharp drop in shares of Goldman Sachs Group Inc. as well as McDonald’s Corp. and Home Depot . Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business. The price-weighted Dow was seeing Goldman alone exact a roughly 40-point toll on the Dow, with McDonald’s and Home Depot were contributing another 20 points combined to the gauge’s drop. Overall, the Dow was down 0.4% at 21,553, the S&P 500 index was slumping 0.1% at 2,456, and the Nasdaq Composite Index was 0.3% higher at at 6,332.

Editor’s note: This article has been updated from an earlier version.

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From:: Stock Market News

The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed by a sharp drop in shares of Goldman Sachs Group Inc. and
UnitedHealth Group Inc. . Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business, while UnitedHealth shares slid as Republicans scrapped a bill to overhaul the Affordable Care Act, or ACA. The price-weighted Dow was seeing Goldman exact a roughly 40-point toll on the Dow by itself, with UNH contributing another 10 points to the gauge’s drop. Overall, the Dow was down 0.5% at 21,528, the S&P 500 index was slumping 0.1% at 2,456, while the Nasdaq Composite Index was 0.1% higher at at 6,320.

Editor’s note: This article has been updated from an earlier version.

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From:: Stock Market News

The Nasdaq Composite Index on Tuesday was on pace to book its longest streak of gains in more than two years, highlighting a steady climb for the tech-centric benchmark, and popular trades like Netflix, as it nears a fresh record. Most recently, the Nasdaq was bouncing around but if it closes in the green, it will mark its longest string of gains, at eight sessions in a row, since the 10-session period ended Feb. 24, 2015, according to the WSJ Market Data Group. The gauge had been wrestling with an extended downturn in technology shares since June 8, when the sector began a monthlong slump amid fears the high-flying group, including names like Facebook Inc. , Amazon.com Inc., Apple Inc. , Netflix Inc. , and Alphabet-parent Google Inc. , were rising too far, too fast. However, those companies and the tech benchmark has been recently rebounding from its June lows, with a recent batch of second-quarter earnings from Netflix helping to bolster sentiment in those growth stocks. Overall, the Nasdaq Composite was trading flat but has an all-time closing high above 6,321 in sight, while the Dow Jones Industrial Average was down about 0.5%, pressured by a slump in shares of Goldman Sachs and UnitedHealth Group Inc. , while the S&P 500 index also was off 0.2%. The popular tech-focused, exchange-traded Technology Select Sector SPDR ETF also was trending higher and facing its own eight-session streak, as were the PowerShares QQQ Trust Series 1 , which is designed to mimic the performance of the large-cap Nasdaq-100 index .

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