Weighed down by another feeding frenzy in the technology sector, the major benchmark averages were trading lower at midday on Thursday, reversing all of Wednesday's gain and dragging the Nasdaq into the red for June. The banking sector was one of only two advancing sectors of the S&P 500 after the results of the Federal Reserve's stress test approved all 34 of participating banks' capital plans.
Energy shares were also holding onto constructive gains as oversupply pressures ease and oil futures traded higher for a sixth consecutive day. Global benchmark Brent crude was over $48 per barrel for the first time in close to two weeks, while domestic benchmark West Texas intermediate traded at its highest level in twelve days.
The finance sector was gaining ground on both the results of the Fed's stress test as well as rising global bond yields. In the wake of recent remarks from central bank presidents Mario Draghi, Mark Carney and Stephen Poloz, investors have priced in a premium of as much as 30 basis points into European and Canadian government securities over the past month in anticipation for monetary policy to shift away from accommodation.
Shares were mixed ahead of the open as Wall Street digested an upward revision to Q1 GDP with a small increase to weekly initial jobless claims. GDP was revised for the final time to +1.4% from +1.2%, while jobless claims rose 2,000 to 244,000 for the week ended June 24.
European equities limped into the close for a third consecutive day, plagued by remarks from European Central Bank president Draghi and Bank of England governor Carney alluding to tighter monetary policies. Despite upbeat German inflation data and Euro-zone business confidence measures, the DAX and French CAC-40 were close to 2% lower at the close.
Crude oil was up $0.34 to $45.08 per barrel. Natural gas was down $0.01 to $3.08 per 1 million BTU. Gold was down $4.50 to $1,244.60 an ounce, while silver was down $0.11 to $16.68 an ounce. Copper was up $0.03 to $2.70 per pound.
Among energy ETFs, the United States Oil Fund was up 0.71% to $9.26 with the United States Natural Gas Fund was up 0.09% to $6.89. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.78% to 22.03 while SPDR Gold Shares were up 0.56% to $118.24. The iShares Silver Trust were down 0.97% to $15.76.
Here's where the markets stand at mid-day:
NYSE Composite Index was down 70.30 points (-0.60%) to 11,742.50
Dow Jones Industrial Index was down 144.70 points (-0.67%) to 21,307.22
S&P 500 was down 19.91 points (-0.81%) to 2,420.94
Nasdaq Composite Index was down 95.60 points (-1.53%) to 6,139.99
FTSE 100 was down 37.48 points (-0.51%) to 7,350.32
DAX was down 231.08 points (-1.83%) to 12,416.19
CAC 40 was down 98.55 points (-1.88%) to 5,154.35
Nikkei 225 was up 89.89 points (+0.45%) to 20,220.30
Hang Seng Index was up 281.92 points (+1.10%) to 25,965.42
Shanghai China Composite Index was up 14.86 points (+0.47%) to 3,188.06
NYSE SECTOR INDICES
NYSE Energy Sector Index was up 41.38 points (+0.41%) to 10,128.49
NYSE Financial Sector Index was up 3.27 points (+0.04%) to 7,474.37
NYSE Healthcare Sector Index was down 105.53 points (-0.76%) to 13,747.00
(+) NXTD (+36.71%) Subsidiary Fit Pay providing payment capabilities for Token
(+) IMNP (+6.41%) Oncology subsidiary Cytovia reaches "substantial agreement" with Pint Pharm on licensing terms and commercialization of Ceplene in Latin America
(+) TROV (+1.85%) Signs deal with NerPharMa for supply of PCM-075 for AML
(-) INPX (-48.12%) Prices $6 million stock offering at 20% discount
(-) RAD (-29.13%) Walgreens ( WBA ) terminates merger agreement
(-) PIR (-6.97%) Q1 revenue misses target
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.