By Victor Reklaitis, MarketWatch , Ryan Vlastelica
Priceline, Disney, Fossil, Yelp among the biggest decliners
U.S. stocks were little changed on Wednesday, though off their
lows of the session as the stunning firing of Federal Bureau of
Investigation Director James Comey stoked fresh questions about
President Donald Trump's ability to build enough consensus in
Washington to implement market-friendly polices.
Major indexes had all opened lower, but the S&P 500 and
Nasdaq strengthened throughout the session, boosted in part by a
rally in crude oil prices, which supported the energy sector. The
Dow continued to trade in negative territory, pressured by weak
results out of Disney.
The Dow Jones Industrial Average fell 29 points, or 0.1%, to
20,947. The S&P 500 was up 2 points, or less than 0.1%, to
2,399. The Nasdaq Composite Index rose 4 points, or less than 0.1%,
to 6,125.
On Tuesday, the Nasdaq ended at a record close while the S&P
500 finished about 0.1% from its own all-time closing high. The Dow
is less than 1% below its record close, which was hit March 1. With
valuations stretched by some metrics, equities could be vulnerable
to prolonged uncertainty coming out of Washington, analysts
said.
Trump said he dismissed the director of the Federal Bureau of
Investigation
(http://www.marketwatch.com/story/trump-fires-fbi-director-comey-democrats-call-for-special-prosecutor-in-russia-probe-2017-05-09)
over his handling of the investigation into Hillary Clinton's
emails. The reaction on Capitol Hill to Comey's firing has ranged
from approval to outrage.
Read:Complete text of White House statement on firing of FBI's
Comey
(http://www.marketwatch.com/story/complete-text-of-white-house-statement-on-firing-of-fbi-director-james-comey-2017-05-09)
And see:At first, Comey reportedly thought his firing was a
prank
(http://www.marketwatch.com/story/at-first-comey-reportedly-thought-his-firing-was-a-prank-2017-05-09)
"This certainly isn't a positive, something that makes you want
to go out and buy stocks, but it is too early to tell how big of a
market-moving event this will prove to be," said Bruce McCain,
chief investment strategist at Key Private Bank. "To the extent it
reflects a coverup or illegal action, that would be market moving,
but we don't know if that's the case. Most of what I've seen thus
far suggests the market is taking a wait-and-see attitude."
The political uncertainly offset a strong rally in the energy
sector(XLE), which gained 1.2% on the back of a 3.7% surge in oil
futures
(http://www.marketwatch.com/story/oil-prices-get-respite-from-selling-after-encouraging-us-supply-data-2017-05-10).
Crude was higher after an industry group reported a drop in U.S.
crude supplies, a positive sign for demand. Among specific names,
shares of Chevron Corp.(CVX) rose 1.3% as the biggest advancing
stock on the Dow industrials.
Gold futures were 0.3% higher
(http://www.marketwatch.com/story/gold-finds-some-footing-as-fbis-comey-firing-pressures-stocks-2017-05-10).
European stocks
(http://www.marketwatch.com/story/european-stocks-back-away-from-21-month-high-as-2017-05-10)
finished higher, while Asian markets largely gained
(http://www.marketwatch.com/story/asian-markets-return-to-gains-after-korean-election-2017-05-09).
In the latest economic data, import prices rose 0.5% in April
(http://www.marketwatch.com/story/import-prices-jump-while-export-prices-edge-up-in-april-2017-05-10),
while export prices were up 0.2%. Both were higher than expected.
Separately, a release on the federal budget is on tap for 2
p.m.
Check out:
Stock movers:Abercrombie & Fitch Co. shares (ANF) jumped
6.2% in heavy trading following a Reuters report the retailer was
fielding buyout interest.
Mylan NV(MYL) shares fell 0.4% after the drugmaker posted
first-quarter profit that exceeded expectations
(http://www.marketwatch.com/story/mylan-stock-rises-3-after-first-quarter-profit-beat-revenue-miss-2017-05-10),
though revenue was weak.
Fashion-accessories maker
(http://www.marketwatch.com/story/fossil-group-shares-plummet-after-results-outlook-miss-street-view-2017-05-09)Fossil
Group Inc.(FOSL) and online reviews provider
(http://www.marketwatch.com/story/yelp-shares-crater-25-in-after-hours-trade-after-revenue-miss-lowered-outlook-2017-05-09)Yelp
Inc.(YELP) both plummeted following disappointing quarterly
results. Shares of Fossil were down 23% while Yelp shed 19%.
Read the First Take: Yelp plummets as advertisers revolt
(http://www.marketwatch.com/story/yelp-plummets-as-advertisers-revolt-2017-05-09)
Online travel broker Priceline Group Inc.(PCLN) lost 5.2% after
delivering a weak second-quarter outlook
(http://www.marketwatch.com/story/priceline-shares-slide-on-weak-earnings-outlook-2017-05-09)
late Tuesday.
Entertainment titan Walt Disney Co.(DIS) was down 2.6% after
posting earnings that topped forecasts, but revenue that missed
views
(http://www.marketwatch.com/story/disney-shares-down-2-as-quarterly-revenue-narrowly-misses-expectations-2017-05-09).
The stock was by far the biggest decliner among Dow components.
On the upside, Nvidia Corp. (NVDA) jumped 16% after the maker of
graphics chips topped profit forecasts
(http://www.marketwatch.com/story/nvidia-jumps-more-than-10-after-handily-beating-on-earnings-2017-05-09-16913212)
late Tuesday.
Electronic Arts Inc.(EA) was up 14% following
better-than-expected earnings
(http://www.marketwatch.com/story/electronic-arts-shares-surge-as-earnings-outlook-tops-street-view-2017-05-09).
Wendy's Co.(WEN) rallied 5% after the fast-food chain beat
first-quarter profit and sales expectations
(http://www.marketwatch.com/story/wendys-stock-jumps-after-profit-and-sales-beat-expectations-2017-05-10),
and provided an upbeat outlook.
Inc. Research Holdings(INCR) reached a deal to combine with
private-equity owned inVentiv Health
(http://www.marketwatch.com/story/inc-research-to-merge-with-private-equity-owned-inventiv-health-in-all-stock-deal-2017-05-10),
creating a large biopharmaceutical outsourcing provider. The
agreement values inVentiv at $4.6 billion, including debt. Shares
of Inc. gained 21%.
(END) Dow Jones Newswires
May 10, 2017 13:20 ET (17:20 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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