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The Closing Bell: U.S. Stocks Edge Lower, Extending Losses

TedTed
edited June 12 in The Bullpen
(The Closing Bell will be updated sometime after 4:00 PM CDST to include the latest updates from IBD and Bloomberg Evening Briefing.)

FYI: U.S. stocks extended their losses Wednesday, a day after snapping a weeklong winning streak amid lingering trade tensions and questions over the direction of Federal Reserve policy.

The Dow Jones Industrial Average fell 43 points, or 0..17%, to 26004. The S&P 500 lost 0.20% and the technology-heavy Nasdaq Composite lost 0.30%.

U.S. equity markets have eased over the past two sessions after rising sharply the prior week after Federal Reserve officials hinted that the central bank might lower interest rates at its meeting next week to offset the negative effects of trade disputes.

U.S. consumer prices inched up in May, held down by a decline in energy prices. The consumer-price index, which measures what Americans pay for household goods and services such as toys or electricity, rose a seasonally adjusted 0.1% in May from the previous month, the Labor Department said Wednesday. Excluding volatile food and energy prices, costs were also up 0.1% on the month.

In Wednesday’s action, shares of energy companies weighed on the S&P 500, with the sector losing 1.3%. Shares of Dow components Exxon Mobil and Chevron lost 1% and 0.9%, respectively.

The losses came as global oil benchmark Brent crude traded down 2.3% at $60.87 a barrel after data from the American Petroleum Institute showed that U.S. crude stockpiles climbed more than expected last week.

The Energy Information Administration, meanwhile, reported Wednesday that U.S. crude supplies climbed by 2.2 million barrels for the week ended June 7, a second weekly gain in a row.

The yield on 10-year U.S. Treasurys rose to 2.126% on Wednesday from 2.140% on Tuesday. Bond yields move in the opposite direction to prices.

The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was flat while gold rose 0.4% to $1,336.20 an ounce.

Elsewhere, the Stoxx Europe 600 fell 0.3%. In Asia, China’s Shanghai Stock Exchange dropped 0.6% and Japan’s Nikkei 225 fell 0.4%.
Regards,
Ted

MarketWatch:
https://www.marketwatch.com/story/stock-index-futures-drift-lower-ahead-of-us-inflation-reading-2019-06-12/print

WSJ:
https://www.wsj.com/articles/global-stocks-follow-wall-street-lower-11560326581

Bloomberg:
https://www.bloomberg.com/news/articles/2019-06-11/asia-stocks-to-start-mixed-treasuries-steady-markets-wrap?srnd=premium

IBD:
https://www.investors.com/market-trend/stock-market-today/stock-market-closes-lower-energy-financials-lead-drop/

CNBC:
https://www.cnbc.com/2019/06/12/stock-market-wall-street-monitors-inflation-data-amid-trade-tensions.html

Reuters:
https://www.reuters.com/article/us-usa-stocks/trade-tensions-weigh-on-wall-st-hopes-of-rate-cut-limit-losses-idUSKCN1TD1GC

U.K:
https://uk.reuters.com/article/uk-britain-stocks/ftse-rally-out-of-steam-as-trade-nerves-return-bat-slides-idUKKCN1TD0P5

Europe:
https://www.reuters.com/article/us-europe-stocks/european-shares-retreat-from-three-week-highs-idUSKCN1TD0PN

Asia:
https://www.marketwatch.com/story/asian-markets-retreat-hang-seng-sinks-amid-hong-kong-protests-2019-06-11/print

Bonds:
https://www.cnbc.com/2019/06/12/us-treasury-yields-tick-lower-ahead-of-inflation-data.html

Currencies:
https://www.cnbc.com/2019/06/12/forex-market-fed-rate-cut-expectations-us-china-trade-war-in-focus.html

Oil:
https://www.cnbc.com/2019/06/12/oil-market-opec-supply-cuts-us-crude-inventories-in-focus.html

Gold:
https://www.cnbc.com/2019/06/12/gold-market-us-china-trade-war-fed-rate-cut-expectations-in-focus.html

WSJ: Markets At A Glance:
https://markets.wsj.com/us

Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor

SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

Current Futures:
https://finviz.com/futures.ashx


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