MARKET SNAPSHOT: Dow Clings To Slight Gain As Home Depot's Stock Weighs

Date : 06/24/2019 @ 8:07PM
Source : Dow Jones News
Stock : Micron Technology Inc (MU)
Quote : 45.22  1.75 (4.03%) @ 10:28PM
After Hours
Last Trade
Last $ 45.23 ▲ 0.01 (0.02%)

MARKET SNAPSHOT: Dow Clings To Slight Gain As Home Depot's Stock Weighs

Caesars Entertainment (NASDAQ:CZR)
Historical Stock Chart

6 Months : From Apr 2019 to Oct 2019

Click Here for more Caesars Entertainment Charts.

By William Watts and Mark DeCambre, MarketWatch

Casino operator Caesars agrees to $8.6 billion buyout

Stock benchmarks were losing some altitude Monday afternoon as investors looked ahead to a meeting between President Donald Trump and Chinese leader Xi Jinping, while also tracking tensions between the U.S. and Iran.

The Dow Jones Industrial Average rose 18 points, or less than 0.1%, to 26,737, but had hit a high at 27,805.52 before retreating. Meanwhile, the S&P 500 gave up 0.1% to 2,948, while the Nasdaq Composite Index edged 13 points, or 0.2%, lower to 8,017.

Need to Know:Why you should 'keep your eyes open' during this June rally (http://www.marketwatch.com/story/why-you-should-keep-your-eyes-open-during-this-june-rally-2019-06-24)

Trump and Xi are set to meet Friday and Saturday this week at a Group of 20 summit in Osaka, Japan, with investors looking for signs the leaders can work out a truce in a trade war that has raised concerns about global economic growth and corporate earnings.

Read:How the Trump-Xi trade meeting could set the stock-market tone for the summer (http://www.marketwatch.com/story/how-the-trump-xi-trade-meeting-could-set-the-stock-market-tone-for-the-summer-2019-06-22)

"All the attention will be on Donald Trump and his Chinese counterpart Xi Jinping and whether they can dial down the mood music on trade which of late has been set at death metal levels," said Russ Mould, director at AJ Bell Investment, in a note. "The outcome could help set the tone for the markets over the remainder of the summer."

Other geopolitical concerns also remain in focus.

Trump signed an executive order he called "hard-hitting" targeting Iran's leaders including the Supreme Leader of Iran. "I think a lot of restraint has been shown by us -- a lot of restraint -- and that doesn't mean we're going to show it in the future," the president said, also asking China and Japan to shoulder some of the responsibility for protecting key oil "choke point," the Strait of Hormuz.

The U.S. has blamed Iran for attacks on tankers near the Strait of Hormuz, while Iran last week shot down a U.S. drone. Trump on Friday said he aborted a retaliatory strike against Iran.

U.S. oil futures were higher Monday (http://www.marketwatch.com/story/us-oil-extends-last-weeks-surge-as-us-readies-additional-iran-sanctions-2019-06-24), while global benchmark Brent crude flipped between small gains and losses.

Trading action otherwise has been lackluster to start the week thus far, market participants said.

"There has been an absence of major macroeconomic news today and that has brought about low volatility. Stocks have managed to build slightly on the gains that were made last week, so traders are clearly cautiously optimistic about the G20 summit," wrote David Madden, market analyst at CMC Markets U.K.

See:Global oil 'choke point' in focus after Trump calls off military strike against Iran: What you need to know (http://www.marketwatch.com/story/strait-of-hormuz-oil-choke-point-in-focus-as-iran-shoots-down-us-drone-amid-rising-tensions-2019-06-20)

On Wall Street's radar

Shares of Caesars Entertainment Corp.(CZR) jumped 15% after the casino operator agreed to be bought out (http://www.marketwatch.com/story/caesars-stock-soars-after-eldorado-buyout-deal-values-casino-operator-at-about-87-billion-2019-06-24) by Eldorado Resorts Inc.(ERI) in a deal that values the casino operator at $8.6 billion. Eldorado shares were off 13% in Monday trade.

Shares of Home Depot Inc. (HD) were exacting a roughly 25-point toll on the Dow, with the home-improvement retailer's stock down 1.8% on the day.

Goldman Sachs Group Inc.'s shares (GS) were contributing about eight points to the price-weighted Dow, while shares of aeronautics and defense contractor Boeing Co. (BA) were adding about 20 points. A dollar move in any one of the 30 blue-chip components of the Dow equates to a roughly 6.8-point swing.

Shares of Palatin Technologies Inc.(PTN) traded 6% lower after the Food and Drug Administration granted marketing approval (http://www.marketwatch.com/story/palatins-stock-rockets-after-fda-ok-to-market-sexual-desire-disorder-treatment-2019-06-24) for a treatment for hypoactive sexual desire disorder, triggering a $60 million milestone payment. Shares of the company had been climbing 27% in premarket trade.

Micron Technology Inc.'s shares (MU)were in focus (http://www.marketwatch.com/story/micron-could-lose-money-by-year-end-but-its-stock-may-be-near-a-bottom-citi-says-2019-06-24)after Citigroup analyst Christopher Danely warned that the chip maker could may lose money by the end of the year, according to Citi, but its stock could be nearing a bottom. Shares rose 0.5% in afternoon action.

Shares of auto maker Daimler AG(DAI.XE) fell 3.8% in German trading (http://www.marketwatch.com/story/daimler-issues-profit-warning-over-costly-diesel-issues-2019-06-24) after it warned that second-quarter profits would be high by increased charges surrounding problems with diesel vehicles from its Mercedes-Benz brand. Daimler also downgraded its full-year earnings forecast.

Daimler's performance weighed on Germany's DAX stock index , while European stocks traded mostly lower. The Stoxx 600 Europe Index was off 0.1%.

A weak reading for a closely followed German business sentiment index did little to soothe worries over the global economic outlook. The Ifo business-climate index fell to 97.4 in June (http://www.marketwatch.com/story/german-business-sentiment-continues-to-deteriorate-2019-06-24-54853020), its lowest since November 2014, from 97.9 in May. Economists had forecast a reading of 97.6.

How were other assets trading?

Overnight Thursday Asian stocks were mixed with Hong Kong's Hang Seng Index edged up 0.1%, China's Shanghai Composite Index gained 0.2%, and Japan's Nikkei 225 picked up 0.1%. In Europe, the Stoxx Europe 600 0.3%.

Gold futures extended gains, trading at $1,422.40 an ounce.

The 10-year Treasury yielded 2.02%, and the U.S. dollar, as measured by the ICE U.S. Dollar Index , retreated 0.2% against its peers.

 

(END) Dow Jones Newswires

June 24, 2019 14:52 ET (18:52 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest MU Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.