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Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 43 billion cubic feet for the week ended Aug. 18. On average, analysts were looking for a build of 46 billion cubic feet, according to a survey of analysts conducted by S&P Global Platts. Total stocks now stand at 3.125 trillion cubic feet, down 223 billion cubic feet from a year ago, but 45 billion cubic feet above the five-year average, the government said. Prices for natural gas also got a boost from forecasts that Tropical Storm Harvey in the Gulf of Mexico may become a hurricane by Friday, which could significantly disrupt energy operations in the region. September natural gas rose 4.3 cents, or 1.4%, from Wednesday’s settlement to $2.971 per million British thermal units. It traded at $2.967 before the data.

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The Securities and Exchange Commission said Thurday it has temporarily suspended trading in the shares of First Bitcoin Capital Corp. because of concerns about the accuracy and adequacy of public information on the Canadian company. The concerns relate to the value of the company’s assets and its capital structure, the SEC said in a statement. “The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company,” said the statement. The suspension is scheduled to be terminated at 11.59 a.m. on September 7. First Bitcoin last traded at $1.79. The stock has run up 6,072% in 2017 and is up 43% in the past week. It is up a staggering 24,421% in the last 12 months. The S&P 500 has gained 9% in 2017.

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U.S. stocks turned negative in early trade on Thursday, giving up slight gains as declines in consumer staples and telecommunication pressured equity benchmarks. The Dow Jones Industrial Average was off 26 points, or 0.1%, at 21,788, while the S&P 500 index was trading 0.1% lower at 2,440, with its consumer-staples sector, down 0.6%, performing the worst among its 11 categories. The technology-laden Nasdaq Composite Index, meanwhile, was 0.1% lower at 6,271. The declines, as were the early advances, were slight and likely set the stage for a volatile day, marked by seasonally low trading volumes. Investors are mainly focused on the start of a symposium of central bankers at Jackson Hole, Wyo., which could set the tone for markets. They are also closely following messages out of the White House, as President Donald Trump dials up the rhetoric with a series of tweets, hinting at continued discord between him and Sen. Majority Leader Mitch McConnell, which could make forging new legislation and avoiding a government shutdown difficult.

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U.S. equity benchmarks on Thursday rose modestly at the open, as the main gauges sought to rebound from the prior session’s decline on the back of a batch of quarterly reports from retailers. The Dow Jones Industrial Average gained 43 points, or 0.2%, at 21,856, the S&P 500 index climbed 0.2% at 2,448, while the Nasdaq Composite Index advanced 0.3% at 6,296. The action sets up the S&P 500, and the Dow to halt two consecutive weekly declines, while the the Nasdaq is on pace to end four straight weeks in the red. The Dow and S&P 500 are looking weekly gains of at least 0.6%, while the Nasdaq is primed for a weekly return of at least 1%. Kansas City Federal Reserve Bank’s symposium, titled “Fostering a Dynamic Global Economy,” is ready to begin on Thursday, featuring important speeches from European Central Bank President Mario Draghi and Federal Reserve Chairwoman Janet Yellen, who are scheduled to speak on Friday, potentially setting the tone for global markets for the rest of the year. The 10-year Treasury note was yielding 2.19%, while a measure of the U.S. dollar, the ICE U.S. Dollar Index , was up 0.1% at 93.27. In corporate news, retailers were having a strong early showing on better-than-expected quarterly results. Shares of Abercrombie & Fitch Co. were climbing as were stocks of Signet Jewelers Ltd. , Guess , and private-equity owned Sears Holdings Corp. . Looking ahead, traders are awaiting a report on existing home sales in July, with a decline to a seasonally adjusted annual rate of 5.50 million expected.

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Lowe’s Cos. was downgraded to market perform from outperform at BMO Capital Markets after the home-improvement retailer reported second-quarter earnings that missed expectations. BMO lowered its price target to $82 from $89. “Earnings per share flow-through is likely to remain challenging as management continues attempting to strike the correct balance of needed investments (marketing/price) to improve the customer experience, including incremental store payroll hours, and amplifying its value messaging,” analysts led by Wayne Hood wrote. Lowe’s reported adjusted EPS of $1.57 and sales of $19.49 billion. The FactSet consensus was for EPS of $1.62 and sales of $19.55 billion. Lowe’s shares are down 8.6% for the last three months, but up 2.7% for the year to date. The S&P 500 index is up 9.2% for 2017 so far.

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Imax Corp. said on Thursday it’s expanding its virtual reality business, opening a new virtual reality center at a Cineplex theater in Toronto, Canada. Along with the new VR center, Imax will add a new Imax auditorium at Cineplex theaters in Toronto and Regina. As U.S. box office trends have slowed, Imax has been investing heavily in virtual reality in hopes of driving traffic to movie theaters, and has been focused on expanding its international reach. Imax opened its flagship VR center in Los Angeles in January, followed by another location in New York City. The premium film exhibitor plans to launch eight more centers in North America, Western Europe and Asia this year. The plan is to use these as pilot locations to test consumer experience with the burgeoning technology, pricing and different content offerings. Imax said it plans to roll out the VR center concept globally at select multiplexes, shopping malls and tourist destinations. Shares of Imax have declined nearly 44% in the year to date, as cinema chains and film exhibitors have struggled to contend with weak box office results and concerns of shrinking theatrical windows and further digital disruption. The S&P 500 index , by comparison, is up more than 9% in the year.

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Retail stocks are rallying in Thursday premarket trading after a number of retailers reported better-than-expected quarterly earnings. In some cases, like Abercrombie & Fitch Co. , the company reported smaller losses rather than any earnings gain. Abercrombie shares have spiked more than 14%. Other big gainers include Signet Jewelers Ltd. , up nearly 17%; Guess Inc. , up 13.6%; Sears Holdings Corp. , up 7.2%; and Dollar Tree Inc. , up 10.5%. Williams-Sonoma Corp. and Calvin Klein parent PVH Corp. , which reported in after-hours trading on Wednesday are also up, 7.7% and 4.7% respectively. The SPDR S&P Retail ETF is down 4.7% for the last three months, and down 12.7% for the year so far, while the S&P 500 index is up 9.2% for 2017 to date.

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President Donald Trump said Thursday that raising the U.S. debt ceiling is “now a mess” since House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell did not tie an increase to a veterans’ bill, as he asked. “Now we have a big deal with [Democrats] holding them up,” Trump said on Twitter. On Monday, McConnell said there is “zero chance” the debt ceiling won’t be raised. Treasury Secretary Steven Mnuchin has said the Treasury can keep paying bills through September.

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Staples Inc. reported second-quarter net income of $55 million, or 8 cents per share, after a loss of $766.0 million, or $1.18 per share, last year. Adjusted EPS was 12 cents, matching the FactSet consensus. Sales totaled $3.91 billion, down from $4.03 billion last year, and ahead of the $3.87 billion FactSet consensus. Same-store sales fell 1.1%, ahead of the FactSet estimate for a 5.1% decline. Staples shares are up 0.2% in Thursday premarket trading, and up 12.5% for the year so far. The S&P 500 index is up 9.2% for 2017 to date.

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From:: Stock Market News