Category: Stock Market News

Prime Minister Theresa May and Labour leader Jeremy Corbyn said they will suspend national campaigning for the general election in June after a suspected terrorist attack in Manchester, according to media reports. At least 19 people were killed and dozens injured after an explosion, which police say took place outside the venue as people were leaving an Ariana Grande concert. “We are working to establish the full details of what is being treated by the police as an appalling terrorist attack,” said May, according to a report in the London Telegraph. Campaigning will be suspended until further notice for the election due to take place June 8. May is scheduled to chair a meeting of the government’s emergency “Cobra” committee at 9 a.m. Tuesday, said a source, according to The Wall Street Journal.

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Authorities warned people to avoid Manchester Arena in the U.K. late Monday following reports of an explosion during a concert. Manchester police said they are responding to a “serious incident” that occurred at the time of a concert by pop singer Ariana Grande. “There are a number of confirmed fatalities and others injured,” Greater Manchester Police said in a statement on Twitter. Concertgoers reported hearing a loud explosion and several videos posted online showed concertgoers emptying the complex and several ambulances heading to the arena.

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Authorities warned people to avoid Manchester Arena in the U.K. late Monday following reports of an explosion during a concert. Manchester police said they are responding to a “serious incident” that occurred at the time of a concert by pop singer Ariana Grande. “There are a number of confirmed fatalities and others injured,” Greater Manchester Police said in a statement on Twitter. Concertgoers reported hearing a loud explosion and several videos posted online showed concertgoers emptying the complex and several ambulances heading to the arena.

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Hyatt Hotels Corp. shares ticked lower in the extended session Monday after the hotel operator said investment funds associated with Goldman Sachs Group Inc. are selling off a large chunk of shares. Hyatt shares declined 2.4% to $57.01 after hours on light volume. The company said that the funds are selling 4 million shares of Hyatt under a secondary offering and that Hyatt will not receive proceeds from the sale. Hyatt has 125.5 million shares outstanding.

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Take Two Interactive Software Inc. shares dropped more than 8% Monday afternoon after the video game maker announced that a highly awaited game, “Red Dead Redemption 2,” would be delayed. The company’s Rockstar Games label announced on Twitter that the game is now scheduled for release in spring of 2018, months later than the previous October target for the sequel. Investors have high expectations for the game, after the first game was very successful and Rockstar’s “Grand Theft Auto” series continues to perform well. “Red Dead Redemption 2, along with its online companion game, should be the largest driver for the year with an estimated 15 million units shipped and net recurrent digital revenue of $50 million,” MKM Partners analyst Eric Handler wrote earlier Monday in a preview of Take Two’s earnings report, while bumping his price target on the stock from $63 to $80. Take Two shares fell to less than $64 in after-hours trading Monday, after closing with a 2.2% gain at $69.04. The company is scheduled to report quarterly earnings Tuesday afternoon.

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Shares of Agilent Technologies Inc. rose more than 4% late Monday after the lab company reported earnings and revenue above Wall Street expectations. Agilent said it earned $164 million, or 50 cents a share, in the fiscal second quarter, compared with $91 million, or 28 cents a share, in the year-ago period. Revenue reached $1.1 billion, up 8% from $1 billion a year ago. Analysts polled by FactSet had expected per-share earnings of 48 cents on sales of $1.05 billion. “We saw a strong pick up in the chemical and energy business after modest gains last quarter, and strong growth in pharma and Europe also contributed to the upside,” the company said in a statement. The stock ended the regular trading session down 0.1%.

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The Dow Jones Industrial Average on Monday put in its lengthiest streak of gains–three in a row–since February, according to FactSet data. The Dow’s third straight finish in the green is notable because the blue-chip gauge had gone 60 straight trading sessions without stringing together a series of wins that long. Its longest streak this year was a 12-session rally on Feb. 27. From that point, the Dow has moved in fits and starts as doubts about President Donald Trump’s ability to implement a pro-growth agenda, including tax cuts and a boost to infrastructure spending, have intensified, threatening a mulitmonth climb in risk assets that had been propelled by those presidential campaign promises. Worries about the president’s ability to gain sufficient consensus in Congress to get his policies passed into law have escalated since Trump fired then-director of the Federal Bureau of Investigation, James Comey, two week ago, sparking a firestorm inside and outside of Washington. On Monday, U.S. equity markets were attempting to bounce back from a downbeat week, highlighted by sharp losses on May 17. However, since last Wednesday, the broader stock market has erased much of its losses, suggesting that a general uptrend for equities may still be intact. The Dow finished up 0.4% at 20,894, the S&P 500 index closed 0.5% higher at 2,394, while the Nasdaq Composite Index registered a rise of 0.8% at 6,133.

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U.S. stocks rose Monday as strong tech shares and so-called defensive sectors led the market higher for a third session. Defensive stocks are those that are viewed as less sensitive to the economic cycle such as utilities and consumer staples. However, trading volume remained subdued amid lingering concerns about political uncertainty surrounding President Donald Trump’s administration. The S&P 500 added 12 points, or 0.5%, to close at 2,393. The Dow Jones Industrial Average rose 90 points, or 0.4%, to end at 20,894 while the Nasdaq Composite Index climbed 49 points, or 0.8%, to close at 6,133.

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From:: Stock Market News

The Dow Jones Industrial Average on Monday was on pace to book its lengthiest streak of gains–three in a row–since February, according to FactSet data. The Dow’s third straight finish in the green would be notable because the blue-chip gauge has gone 60 straight trading sessions without stringing together a series of wins that long since it ended a 12-session rally on Feb. 27. From that point, the Dow has moved in fits and starts as doubts about President Donald Trump’s ability to implement a pro-growth agenda, including tax cuts and a boost to infrastructure spending, has intensified, threatening a mulitmonth climb in risk assets that had been lifted by those presidential campaign promises. Worries about the president’s ability to gain sufficient consensus in Congress to get his policies passed into law have escalated since Trump fired then-director of the Federal Bureau of Investigation, James Comey, two week ago, sparking a firestorm inside and outside of Washington. On Monday, U.S. equity markets were attempting to bounce back from a downbeat week, highlighted by sharp losses on May 17. However, since last Wednesday, the broader stock market has erased much of its losses, suggesting that a general uptrend for equities may still be intact. Most recently, the Dow was up 0.4% at 20,894, the S&P 500 index was 0.5% higher at 2,392, while the Nasdaq Composite Index was showing a rise of 0.7% at 6,124.

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Oil prices climbed Monday to settle at their highest level in about a month on growing expectations that members of Organization of the Petroleum Exporting Countries will agree to extend production cuts beyond the end of this year. June West Texas Intermediate crude rose 40 cents, or 0.8%, to settle at $50.73 a barrel on the New York Mercantile Exchange. The contract expired at the session’s end. July WTI crude , which is now the front-month contract, settled at $51.13, up 46 cents, or 0.9%.

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From:: Stock Market News