Dow +0.64% S&P +0.49% Nasdaq +0.53% Russell +1.09%
US Market closed higher as investors deciphered recent remarks from Fed Chair Yellen about the economic outlook and monetary policy. Other focal points for today's trade included strength from the oil patch, continued softness in the dollar, relative weakness in safe-haven areas, and key sector leadership from the heavily-weighted industrial (+0.8%) and financial (+0.6%) sectors. Ms. Yellen stated in prepared remarks that she remains positive on the economic outlook of the U.S. economy and warned that too much significance should not be assigned to one monthly report. However, Ms. Yellen also stated that last Friday's Employment Situation Report was concerning on balance. Cues for a potential rate hike "in the coming months" were noticeably absent from her speech, but she maintained that further gradual increases in the federal funds rate are likely to be appropriate and conducive to meeting and maintaining the Fed's dual mandate. The energy space (+2.0%) showed broad-based strength as oil prices increased 2.1% ($49.73/bbl, +$1.04). Volume were below average at 800mil shares. US After Hours Earn : UNFI +10.8%, GIGA +5.4%, XTLY +2.4%, ENVA -10.6%, PEB -4%, SIGM -3.1%, CASY -2.2%. SRPT +26.5% on FDA news, WGBS+12.4% on distribution agreement in Japan, Z+9.5% on News Corp Agreement, DRYS-37% on Liquidity report, MSTX -12.6% on delays on Phase 3 data, ALXN-11% on Phase 3. Asian equity markets are higher, tracking fresh gain in US indices after the latest comments from Fed's Yellen largely confirmed that Friday's disappointing payrolls data puts expectations of policy tightening on hold in the short run. Stateside, Hillary Clinton has reportedly secured enough Delegate support to become Democratic Party presumptive nominee, with pledged superdelegate count taking her beyond the 2,383 threshold.
Nikkei +0.54% Hang Seng +0.81% CSI -0.06% Shanghai +0.02%
Eur$ 1.1354 CNH 6.5763 CNY 6.5719 GBP 1.4516 CHF 65.4278 CHF 0.9713 WTI$ 49.64 (-0.10%)
S&P+0.07% EuroStoxx +0.27% Dax +0.34% SMI +0.09%
Macro :
- Yellen: Only on Rare Occasions Can Fed Give Specific Guidance
- Germany Urges EU to Tighten Car Emissions Test Law: FT
Keep an eye on :
- ABG SM : Spanish Broker Eurodeal Closes After Abengoa Investment: Cinco
- AC FP : France’s Hollande Wants Accor Holders to Remain Diversified: AFP
- AF FP : Air France Pilot Unions to Meet With Management June 7: AFP
- AKER NO : Aker Solutions on Track to Reach Cost Cuts Goal of >30%, to Invest NOK500m in Solstad Offshore
- AKZA NA : Akzo Nobel Sees Lower EU Chlorine Output on Switch From Mercury
- ALO FP : GE-Alstom $3b, 5-yr Synergy Goal ‘Well Under Way’: GE’s Bolze
- BCP PL : BCP Stock Short Selling Temporarily Banned Through June 8: CMVM
- CON GY : Continental AG Plans R&D Centers in Chongqing, Shanghai: Caixin
- DAI GY : Daimler Trucks to Lay Off >1,000 Workers: Gazette (Earlier)
- EUCAR FP : Icahn, Hertz’s Top Holder, Bought 983,929 Shares on June 2, 3
- FRE GY : Smiths, Fresenius Said Final Bidders for PFE Pump Unit: Reuters
- GAM SM : Gamesa to Install 7 Wind Turbines for Elecnor in Jordan
- HEIA NA : United Breweries competitor says Heineken will acquire majority soon - Het Financieele Dagblad
- NOVN VX : Novartis Says Tafinlar Combo Has Better Melanoma Survival Rate
- OML LN : Old Mutual talks with Affiliated Managers Group about possible sale of Old Mutual US asset management arm end
- ORA FP : Orange to Compete With Western Union in Africa Transfers: Echos
- OR FP : L’Oreal Signs Accord With Global Bioenergies, Le Figaro Says
- OTE1V FH : Outotec Targets Average Annual Services Sales Growth of 5%-15%
- PC IM : Pirelli OKs Sale of 10% of Pirelli Industrial to Aeolus: Sole
- POP SM : Spain’s CNMV Asks Popular for Info on Rights Issue: Expansion
- RL US : Ralph Lauren Said to Plan to Cut Up to 10% of Jobs: WWD
- SCHP VX : Schindler to Buy 25% in China’s Volkslift Elevator, Sets Up JV
- SMIN LN : Smiths, Fresenius Said Final Bidders for PFE Pump Unit: Reuters
- SOI FP : Soitec Raises EU75.4m in Final Stage of Recapitalization Project
- TKA AV : Telekom Austria CEO Has Supervisory Board’s Support: Chairman
- UNA NA : Unilever, Adobe Fined for Using Illegal Data-Transfer Tool
- VIV FP : Vivendi to Start Video-On-Demand Service in Germany: Figaro
- YHOO US : Verizon Said to Bid $3b for Yahoo Web Assets in 2nd Round: WSJ