Wondering What’s Happening in the Financial Markets Today? Check Out These 31 Stories!

1. U.S. Stock Market:

“U.S. stocks edged lower on Tuesday as weakness in the energy and financial sectors outweighed gains in technology shares. The Dow Jones Industrial Average .DJI fell 48.18 points, or 0.23 percent, to 21,032.1, the S&P 500 .SPX lost 2.3 points, or 0.10 percent, to 2,413.52 and the Nasdaq Composite .IXIC dropped 7.68 points, or 0.12 percent, to 6,202.51.”

(Reuters)

“U.S. stocks pulled back from record levels on Tuesday, with energy shares leading the day’s decline even though the market’s uptrend was seen as remaining intact following a multisession rally. The Dow Jones Industrial Average DJIA, -0.20% fell 37 points, or 0.2%, to 21,041. The S&P 500 SPX, -0.09% slid a point to 2,414. The Nasdaq Composite IndexCOMP, -0.13% shed 5 points to 6,205.”

(Market Watch)

“U.S. equities traded mostly lower on Tuesday as investors digested key economic data, but a rise in tech stocks helped cap losses. The Dow Jones industrial average fell 44 points, with Goldman Sachs contributing the most losses. The Nasdaq composite traded 0.1 percent despite shares of Amazon breaking above $1,000 for the first time. The S&P 500 slipped marginally, with energy leading decliners, but the information technology sector rose 0.26 percent. Tech has been on fire this year, rising around 20 percent.”

(CNBC)

 

2. U.S. Bond Market:

 

“The U.S. Treasuries gained ahead of the Federal Open Market Committee (FOMC) member Brainard’s speech, due to be held later today and Kaplan’s speech, scheduled for May 31. The yield on the benchmark 10-year Treasury, slipped 1 basis point to 2.24 percent, the super-long 30-year bond yields also fell 1 basis point to 2.90 percent and the yield on short-term 2-year note traded tad 1/2 basis point lower at 1.29 percent.”

(EconoTimes)

“The benchmark 10-year note yield began 2017 trading near 2.5 percent but hovered near 2.23 percent on Tuesday.”

(CNBC)

 

3. FX Markets:

“The euro pulled back from the day’s lows against the dollar and the yen on Tuesday, after weakening broadly earlier as European geopolitical fears sapped risk appetite. EUR/USD was at 1.1163 by 06.22 ET, after falling as low as 1.1108 earlier. EUR/JPY was last at 123.92, still off 0.24% for the day after falling to 123.16 earlier, the lowest level since May 18. The dollar was also weaker against the safe haven yen, with USD/JPY down 0.22% at 111.01. Sterling pushed higher, with GBP/USD rising 0.15% to 1.2859, but gains were held in check as the election race in the UK tightened, adding to political risk around Brexit. The pound was also higher against the euro, with EUR/GBP down 0.22% at 0.8677.”

(Investing.com)

“Political worries over Greece, Italy and Britain had European currencies on the retreat against the dollar on Tuesday, with a bleaker mood on stock markets also pushing the yen higher. The dollar index, under pressure over the past fortnight from concerns over the Trump administration’s difficulties, gained around 0.1 percent in morning trade in Europe. Other major markets were also deeply in the red, with French shares sinking almost 1 percent .FCHI, prodding investors toward the traditional security of the yen, which gained around 0.3 percent against the dollar JPY= and 0.4 percent against the euro. Sterling recovered from some early losses to trade 0.2 percent higher at $1.2868.”

(Reuters)

4. Commodities:

 

“Lingering disappointment over last week’s OPEC decision to keep production cuts stable and lingering supply-side strains pushed oil prices lower early Tuesday. The price for Brent crude oil was down 1.4 percent about 15 minutes before the start of trading in New York to $51.41 per barrel. West Texas Intermediate, the U.S. benchmark price for oil, was down 0.92 percent to $49.35 per barrel.”

(UPI.com)

 

“The gold market remains under pressure but off its lowest, following a larger-than-expected drop in U.S. consumer confidence. Tuesday, the U.S. Conference Board, reported that its consumer confidence index fell to a reading of 117.9 in May, down from April’s revised reading of 119.4. Economists were expecting to see relatively unchanged consumer sentiment, with consensus forecasts calling for a reading around 113.9. The Gold market has been attracting some modest technical profit taking after hitting a one-month high overnight. While the yellow metal is off its lows, initial reaction still shows some weakness in the marketplace; August Comex gold futures last traded at $1,266 an ounce, down 0.42% on the day.”

(Kitco News)

 

5. Market Movers:

 

Amazon.com, Inc. (NASDAQ:AMZN)‘s shares topped $1,000 for the first time, marking a new milestone for a company wooing investors by dominating online commerce and cloud computing. Amazon shares hit $1,001.20 in New York Tuesday, up about 40 percent from a year ago and more than double the 15 percent gain of the S&P 500 Index in the same period. Investors are thinking about how much further Amazon can grow as it tries to replicate its U.S. success abroad.

(Bloomberg)

Xactly Corp (NYSE:XTLY) announced Tuesday morning that it has entered into a definitive agreement to be acquired by Vista Equity Partners for approximately $564 million. Xactly stockholders will receive $15.65 in cash per share. Xactly has gapped open sharply higher Tuesday and is now up 2.13 at $15.53 with volume at over a 5-month high. The stock is now challenging the highs of the year, trading at nearly a 9-month high.

(RTT News)

GlaxoSmithKline plc (ADR) (NYSE:GSK) shares outperformed the market Tuesday after clinical trials data for Gilead Sciences, Inc. (NASDAQ:GILD)‘s Bictegravir HIV treatment appeared to reduce the threat of a superior rival to GSK’s Dolutegravir. Gilead said Tuesday that Bictegravir met its end point of non-inferiority in four separate phase III clinical trials, when combined with emtricitabine, as a treatment for HIV-1. The U.S. drug maker has been running its Bictegravir treatment head to head as a combo with Glaxo’s Dolutegravir in trials and has said it aims to file for approval with the Food & Drug Administration in the current quarter.

(TheStreet)

Shares of TiVo Corp (NASDAQ:TIVO) TIVO, +8.69% were up more than 10% early on Tuesday after winning a patent case against Comcast Corp. CMCSA, +1.49% The administrative law judge in TiVo’s International Trade Commission case issued an initial ruling regarding two of TiVo’s patents relating to set-top boxes, finding that Comcast had violated section 337, which involves imports. A final ruling is expected Sept. 26. following a full investigation into the infringement. If the ruling doesn’t change after that, certain Comcast set-top boxes that infringe on the patent could be blocked at the port, according to Cowen analyst Robert Stone.

(Market Watch)

Shares of Array Biopharma Inc (NASDAQ:ARRY) jumped 6.6% to $8.70 in premarket trading on Tuesday. The Boulder, Colo.-based firm and Bristol-Myers Squibb Co (NYSE:BMY) announced a research collaboration that takes a look at Array’s investigational MEK inhibitor, binimetinib, in tandem with Bristol-Myers Squibb’s Opdivo (nivolumab) and Opdivo + Yervoy (ipilimumab) regimen as a potential treatment for metastatic colorectal cancer in patients that have microsatellite stable tumors.

(TheStreet)

Protagonist Therapeutics Inc (NASDAQ:PTGX) saw its shares make a solid gain early on Tuesday after the company announced a key worldwide licensing and collaboration agreement with Janssen Biotech, a subsidiary of Johnson & Johnson (NYSE: JNJ). The agreement actually builds on a Johnson & Johnson Innovation — JJDC Inc. Series B venture financing from 2013 in support of the discovery and development of Protagonist’s pipeline of oral peptide therapeutics.

(247WallSt.com)

Shares of Zynga Inc (NASDAQ:ZNGA) ZNGA, +2.58% climbed 2.3% in premarket trade Tuesday after the stock was upgraded to overweight from neutral at Piper Jaffray. Though the analysts still see mobile games companies as high risk, they say Zynga’s attention to live services and the company’s focus on cost containment, meaning maintaining existing games, rather than depending on producing new “mega-hits,” lower the risk of the investment.

(Market Watch)

BlackBerry Ltd (NASDAQ:BBRY) BBRY 4.59% shares are trading lower by $0.40 at $10.71 — down nearly 4 percent — in Tuesday’s session. The issue is nearly $1.00 off its 2.5 high what was made on Friday at $11.53. Investors are likely following the lead of Raymond James, which downgraded the issue from Outperform to Market Perform. After a lower open, it attempted to reach the lower-end of Friday’s range ($11.07), but came up shy only reaching $10.96, before continuing its move lower. So far, the ensuing decline has taken the issue to $10.63 and is attempting to rebound. That marks the lowest level for the issue since it bottomed on May 22 at $10.42.

(Benzinga)

What happened: Shares of Atwood Oceanics, Inc. (NYSE:ATW) are up 24% as of 10:45 a.m. EDT today. The surge in stock price comes after offshore oil rig peer ENSCO PLC (NYSE:ESV) announced it would acquire Atwood in an all-stock deal. For reference, shares of Ensco are down 5.3% so far today. So what: The writing has been on the wall for a while about a consolidation of the offshore rig industry. There is simply too much idle equipment and too many financially distressed companies in this industry. Atwood was a perfect candidate for a buyout. Its fleet was smaller, but it’s a newer one, with the capabilities to handle the complex offshore jobs out there today. Also, its financial situation wasn’t quite so dire that a potential acquirer would be overburdened with debt.

(Madison.com)

Kinder Morgan Inc (NYSE:KMI) (KMI -3.5%) remains lower, unaffected by a statement from Canadian Prime Minister Trudeau that the Trans Mountain pipeline expansion should proceed despite a change in British Columbia’s provincial government that would appear to jeopardize the project. Trudeau says “regardless of a change in government in B.C. or anywhere, the facts and evidence do not change.” Trudeau says in standing by his earlier decision to approve the project. Outgoing Alberta Premier Notley says she will work with a new government but reiterated her view that the federal government has ultimate authority over projects such as Trans Mountain. KMI says it intends to proceed with construction, as “we have all the necessary approvals.”

(Seeking Alpha)

Pacific Crest downgraded its rating on shares of Ambarella Inc (NASDAQ:AMBA) Tuesday morning to “Sector Weight.” Ambarella gapped open sharply lower this morning and is now down 4.49 at $60.56. The stock has dropped to over a 1-week low.

(RTT News)

 

6. Interesting Reads

“If you are constantly late for work or important meetings, you can install one of the 6 best free alarm clock app for iPhone and Android phones, and you will start waking up every morning rested and in a good mood. Sleep has a key role in our overall health and well-being. Getting enough sleep will have a positive impact on your physical as well as mental health and the quality of life. According to National Heart, Lung and Blood Institute, getting enough sleep will allow your brain to work properly. It doesn’t matter whether you are learning math, how to play golf, piano or drive a car, enough sleep will enhance your problem-solving and learning skills.”

(Insider Monkey)

“What are some good mixed drinks to order at a bar? Many people think that mixed drinks are intended only for women, presuming their weakness and easily getting drunk. There is the stereotype that pure alcoholic drinks are only for the true men, who are capable of drinking all night and staying sober. Women should be satisfied with the fruity bar drinks, usually sweet so much that the taste of alcohol is like sprinkled on the top of the sweetness. It went so far, that men avoid ordering a drink which has a sweet juicy taste, afraid of losing their manly attributes. As we wrote in our list of 16 Good Fruity Alcoholic Drinks to Order at a Bar, fruity cocktail drinks are not aimed only at women, so men should not feel the shame of ordering them in a bar.”

(Insider Monkey)

“The best thing is preventing the illness, but when it occurs, there are some natural cough remedies for kids and babies that could be used instead of antibiotics and chemical drugs. We are all familiar that there are many types of coughs that are usually signs of illness in kids, but not necessarily a serious one, of course. A dry cough for example, might indicate an infection of respiratory system or asthma, and usually gets more intense during sleeping time. Wet cough includes mucus that indicates fluid aggregation in the respiratory system. This kind of a cough is the usual indicator of a cold, but might also represent the beginning of some more serious illness such as asthma or some infections.”

(Insider Monkey)

 

“Intel unveiled its Compute Card, a credit card-sized device that’s basically an entire PC, at CES this year. At Computex this week, the company officially launched the card with a full list of partners and what we can expect to see from them product-wise. These devices will all be at the show and vary widely. Sharp, for example, is showing off digital signage while Seneca and Foxconn are making mini PCs. LG is sticking the Compute Card in its monitors to turn them into all-in-ones. The card might also show up in tablets and interactive whiteboards. Nexdock will be showing something off, too, which we can assume is its touchscreen concept that it announced in January. Intel says the Compute Card will start shipping in August.”

(The Verge)

 

“Scientists in the United States have developed a vital tool in the battle against superbugs by re-engineering a decades-old antibiotic. A new version of vancomycin is much more effective at fighting Enterococci bacteria, which is found in hospitals and can cause dangerous wound and blood infections. Some infections had become resistant to the drug, which has been prescribed for 60 years. The research team, from The Scripps Research Institute in San Diego, California, described the new drug as “magical” in its strength, the UK Press Association reported.”

(CNN)

“Whether you’ve recently engaged in a particularly intense workout or just a walk around the neighborhood, many people believe that muscle soreness after such activities is simply the body’s way of saying, “Yay, you worked hard.” Though the sensation is typically nothing to worry about, it’s important to know why muscle soreness occurs, and in some cases, what to watch out for that may be indicating a problem that needs to be checked out. Commonly caused by general overuse, especially after any strenuous exercise, I sometimes see patients who have mistaken a pulled muscle for general muscle soreness – but the chronology of the soreness is important to note. With muscles that have become sore due to exercise, the discomfort usually comes after the exercise is finished, hits a peak for a day or two and then disappears.”

(U.S. News)

“There’s no doubt that organ meats like liver are loaded with nutrients. Liver is high in folate, B12, B2, and vitamin A. In fact, liver is so high in Vitamin A that Vitamin A toxicity has been raised as concern, but the only known record of possible vitamin A toxicity from liver consumption is of artic explorers who ate polar bear liver. Liver is also a potent source of minerals like iron, folate, calcium, copper, and zinc. But there are risks as well as benefits. For example, a 3 oz. serving of liver contains 1.2 grams of saturated fat and 302 mg of cholesterol, more than the maximum recommended daily amount for healthy people (300mg) and more than 100 mg over the recommendation for people with diabetes or heart disease (200 mg).”

(Fox News)

“The Essential Phone, brought to us by the person who created Android, is finally ready for the spotlight. It’s an incredibly audacious and ambitious project, with an outlandish screen and the beginnings of a modular ecosystem. First, the Android phone basics: the Essential Phone costs $699 with top-of-the-line specs and features. As you can see above, it prominently features an edge-to-edge display that one-ups even the Samsung Galaxy S8 by bringing it all the way to the the top of the phone, wrapping around the front-facing selfie camera.”

(The Verge)

“Medical experts are always looking for ways to help multiple sclerosis patients cope with their symptoms. Although the exact cause of MS is unknown and there’s still no cure, there are numerous treatments to help ease its difficulties. Surprisingly, video games may be one. Several studies show electronic gaming can help MS patients with common problems such as balance, pain, cognitive function and fine motor control.”

(U.S. News)

“The future is here, and it has 18 cores. Intel on Tuesday took to the stage at Computex in Taipei, Taiwan, to unveil its newest range of processors, dubbed the X-Series. With its eyes set on content creators, overclockers and pro gamers (plenty of whom are crowding the Computex halls this week), Intel is pulling out all the superlatives it can muster to talk up the “extreme” processing power it’s offering. But extreme doesn’t come cheap. As the world waits for Intel’s eighth-generation processors, the company says its next iteration of seventh-gen chips will offer “extreme enthusiasts” greater speeds and less downtime with its most powerful range of processors to date.”

(CNET)

“Twitter over the weekend announced another live streaming partnership, this time with the BBC. The new deal will bring live video and breaking news from the BBC’s U.K. election coverage to Twitter’s network. This is the first time Twitter has ever partnered with the BBC on streaming video, the company notes. The deal specifically involves five BBC election specials, including debates and election night results, among others. The live stream will be available during the following BBC specials: the BBC Election Debate on May 31st; the two Question Time Leaders Specials on June 2nd and 4th; The Newsbeat Youth Debate on June 6th; and the Election Night Results Special on June 8th.”

(Tech Crunch)