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Midday Update: Wall Street Remains Cautious After FBI Director's Firing


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The Dow Jones Industrial Average was off its session lows thanks to a surge in oil prices , but was struggling to turn positive as President Trump's firing of FBI director James Comey continues to reverberate throughout Wall Street. Comey's dismissal and the fallout on Trump's approval rating could sidetrack the president's agenda to lower corporate taxes and raise infrastructure spending.

But despite a second day lower, the benchmark averages remain wedged in a razor-thin range for a twelfth consecutive session as investors weigh bloated stock valuations with the likelihood for the Federal Reserve to raise interest rates for a third time next month.

Oil futures were nearly 3% higher at midday after an oil industry report showed a greater-than-expected drop in inventory levels. As a result, the energy sector of the S&P 500 is leading advancers with a substantial gain, lifting the index into the green.

Economic data helped the major indices trim some of their pre-market losses with import and export prices both increasing by more than expected in April. Import prices were up 0.5%, while export prices rose a more benign 0.2%, beating expectations for a gain of 0.1% for both.

European bourses were mostly higher with energy shares underpinning most market averages. The UK's FTSE-100 closed at a seven-week high on gains in commodity stocks despite a small rebound in sterling.

Crude oil was up $1.66 to $47.57 per barrel. Natural gas was up $0.08 to $3.31 per 1 million BTU. Gold was up $4.80 to $1,220.90 an ounce, while silver was up $0.17 to $16.23 an ounce. Copper was up $0.01 to $2.49 per pound.

Among energy ETFs, the United States Oil Fund was up 3.24% to $9.88 with the United States Natural Gas Fund was up 2.69% to 7.64. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 2.02% to 21.95 while SPDR Gold Shares were up 0.15% to $116.23. The iShares Silver Trust was up 0.46% to $15.37.

Here's where the markets stand at mid-day:

US MARKETS

NYSE Composite Index was up 24.61 points (+0.21%) to 11,592.13

Dow Jones Industrial Index was down 15.54 points (-0.07%) to 20,960.02

S&P 500 was up 1.14 points (+0.05%) to 2,398.01

Nasdaq Composite Index was down 3.95 points (-0.06%) to 6,116.43

GLOBAL SENTIMENT

FTSE 100 was up 43.03 points (+0.59%) to 7,385.24

DAX was up 8.34 points (+0.07%) to 12,757.46

CAC 40 was up 2.45 points (+0.05%) to 5,400.46

Nikkei 225 was up 57.09 points (+0.29%) to 19,900.09

Hang Seng Index was up 126.39 points (+0.51%) to 25,015.42

Shanghai China Composite Index was down 27.74 points (-0.90%) to 3,052.78

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 141.06 points (+1.34%) to 10,648.45

NYSE Financial Sector Index was up 22.26 points (+0.31%) to 7,242.81

NYSE Healthcare Sector Index was down 35.32 points (-0.26%) to 13,067.47

UPSIDE MOVERS

(+) MTBC (+42.86%) Reported narrower-than-expected Q1 loss, beat revenue expectations

(+) PRTO (+24.07%) FDA designates vonapanitase as breakthrough therapy for hemodialysis

(+) ARRY (+19.66%) Reported top-line results from phase 3 study of binimetinib and encorafenib

(+) CROX (+17.74%) Beat Q1 EPS, sales estimates

(+) NVDA (+15.90%) Reported strong Q1 results, issued upbeat Q2 revenue forecast

(+) EA (+14.56%) Q1 results beat Wall Street expectations

DOWNSIDE MOVERS

(-) PME (-35.52%) Aurelius research firm alleges company engages in fraud, finances human trafficking

(-) VSI (-28.61%) Posts Q1 miss, lowers FY17 outlook below street estimates

(-) FOSL (-22.64%) Missed Q1 estimates, issued weak Q2 guidance

(-) YELP (-19.17%) Revenue missed expectations and lower its FY17 guidance

(-) TIME (-13.74%) Reported wider-than-expected loss, lowered quarterly dividend 78%

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: MTBC , PRTO



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