Dow +0.21% S&P +0.18% Nasdaq +0.08% Russell +0.28%
Equities finished higher for the fourth day in a row. ten of eleven sectors finished in positive territory with the financial group (+0.8%) leading the advance. On the downside, the consumer discretionary sector (-0.4%) settled at the bottom of the day's leaderboard. Retailers weighed on the sector, evidenced by the 1.7% decrease in the SPDR S&P Retail ETF (XRT 40.55, -0.76), after AutoZone (AZO 581.40, -78.09) and DSW (DSW 16.21, -1.44) missed earnings expectations. AZO also missed top-line estimates while DSW reported a 3.0% decrease in comparable store sales. The two companies settled lower by 11.8% and 8.2%, respectively. The remaining sectors--industrials (+0.2%), energy (+0.2%), materials (+0.2%), consumer staples (+0.1%), telecom services (+0.1%), and real estate (+0.1%)--finished roughly in line with the broader market. However, the energy sector's performance is worth pointing out in light of the White House's proposed budget, which calls for selling half of the United States' Strategic Petroleum Reserve (SPR). Initially, WTI crude faced some overnight selling pressure. However, the commodity was able to recover, ending the session 0.7% higher at $51.48/bbl. US After Hours TCS +39%, TLYS +18%, INTU +9%, VSAT +5% higher and ANW -19%, OOMA -15% lower on earnings/guidance.Asian indices traded mixed in the wake of 4th consecutive session of gains on Wall St, where rising Treasury yields helped Financials lead the broader index. Mainland China is underperforming following a surprise sovereign rate cut by Moody's - the first since 1989: "China's financial strength will erode over the coming years, with economy-wide debt continuing to rise as potential growth slows", China CDS rose about 3bps in the wake of the downgrade.
Nikkei +0.52% Hang Seng -0.12% CSI -0.63% Shanghai -0.83%
Eur$ 1.1179 CNH 6.8833 CNY 6.8923 JPY 112 GBP 1.2971 CHF 0.9765 RUB$ 56.4260 WTI $51.61 +0.27%
S&P -0.06% EuroStoxx -0.03% Dax -0.08% SMI +0.13% FTSE -0.07%
Macro :
- China Cut to A1 From Aa3 by Moody’s, Outlook to Stable
- WTI Rises to One-Month High; OPEC May Extend Cuts
- Deutsche Boerse Changes Composition of Stoxx Europe 600 Index ( Changes to take effect at market opening June 19)
- Philips Lighting, BioMerieux, Loomis B, and Convatec will be added
- Ocado, Drax, Mediaset, Fingerprint Cards ’B’ leave index
Keep an eye on :
- ADP FP : ADP in Exclusive Talks to Sell 80% of Hub Safe to Samsic
- ATC NA : Altice to Drop Use of SFR Brand, Les Echos Says
- BCP PL : BCP Sold EU1b of Covered Bonds to EU Institutional Investors
- BF/B US : Constellation Brands Said to Offer to Buy Brown-Forman: CNBC
- CAI AV : CA Immo Confirms FY FFO I Target of More Than EU100 Million
- DENERG DC : Dong Energy Sells Oil Business to Ineos for at Least $1.05b
- EUCAR FP : Europcar Buys German Car Rental Co. Buchbinder
- FCA IM : Fiat Chrysler Reviewing U.S. Lawsuit, Vows Vigorous Defense
- GLEN LN : Glencore Confirms It Has Made an Informal Approach to Bunge (Yesterday Night)
- GLEN LN : Glencore, Bunge Talks Focus on Ties Rather Than Sale: Reuters
- GLEN LN : Bunge Says Not in Combination Talks With Glencore (this morning)
- IHG LN : Lone Star Seeks Sale of 42 Hotels For More Than GBP1b: Times
- KCR FH : Terex Completes 7m Konecranes Shrs Sale at EU37.40/Placing Shr
- NVDA US : SoftBank Said to Amass $4 Billion Stake in Nvidia
- PHM SM : Sandra Ortega Raises Pharma Mar Stake to 5.01%: Expansion
- CFR VX : Richemont to Move Couvet Cartier Staff to Other Sites: Le Temps
- ROG VX : Roche Unveils New Positive Data for Esbriet in IPF
- RDSA NA : Shell May Sell 8.8% Stake in Canadian Natural Resources:Reuters
- UBSG VX : UBS Buys Spain Autovia Del Camino From Deutsche Bank: Expansion