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 14:53 ET (18:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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