By Mark DeCambre and Barbara Kollmeyer, MarketWatch
Dow buoyed by gains in shares of Boeing Co.
U.S. stocks headed higher Monday, led by gains in shares of
Facebook and Netflix, amid a broad advance in tech-related shares
and the communication services sector.
How are major indexes faring?
The Dow Jones Industrial Average rose 65 points, or 0.3%, to
26,150, while S&P 500 index gained 8 points, or 0.3%, to 2,895,
supported by gains in Boeing Co. (BA) and Apple Inc. (AAPL).
Meanwhile, the information technology sector (XLK) gaining 0.5% and
the communication services sector (XLC), of which Netflix and
Facebook are members, was rising 1.1%. Meanwhile, the Nasdaq
Composite Index added 57 points, or 0.8%, to 7,856.
On Friday, the Dow fell 17.16 points, or 0.1%, to end at
26,089.61, while the S&P 500 declined 4.66 points, or 0.2%, to
2,886.98. The tech-laden Nasdaq Composite Index shed 40.47 points,
or 0.5%, to close at 7,796.66.
What's driving the market?
The Federal Reserve will be the focus this week, with a two-day
meeting kicking off Tuesday. Markets have been pricing in more than
two interest rate reductions this year, on fears of the fallout
from global trade tensions and a slowdown in the economy. Investors
will want to see if those expectations match up to what the Fed is
thinking, though no move on interest rates is expected at this
A survey of manufacturing activity in the New York state area
showed its largest-ever drop into negative territory in June. The
Empire State manufacturing index plummeted 26
points to negative 8.6 in June, the New York Fed said Monday,
marking a record decline. Economists had expected a reading of
positive 10, according to a survey by Econoday.
Any reading below zero indicates a contraction in activity. The
last time the index was negative was in October 2016.
Read:Five things to watch in the pivotal Fed meeting
there is a possibility that investors could be disappointed looking
for a near-term interest rate cut, given recent other data aren't
exactly screaming out for a pre-emptive rate cut
A reading from the National Association of Home Builders survey
for June showed that home-builder confidence fell
points to 64 in June, missing economists' consensus forecast of a
one-point increase. Any reading over 50 signals improvement.
As for global trade, Commerce Secretary Wilbur Ross played down
the likelihood of a major deal at the Group of 20 summit later this
month, if President Donald Trump and China President Xi Jinping
meet. The mostly outcome will be an agreement for the U.S. and
China to keep talking, he told The Wall Street Journal in an
Separately, the Office of the U.S. Trade Representative is
holding seven days of public hearings on the Trump administration's
proposal to raise a 25% levy on $300 billion of Chinese exports,
including consumer goods such as mobile phones and laptops.
Which stocks are in focus?
Shares of Orgenesis Inc.(ORGS) were in focus
the U.S. Food and Drug Administration granted Orphan Drug
Designation to the company's Autologous Insulin Producing cells as
a cell replacement therapy for the treatment of severe
hypoglycemia-prone diabetes resulting from total pancreatectomy,
caused by chronic pancreatitis.
Shares of Array BioPharma Inc. (ARRY)rocketed toward a record
Monday, after the biopharmaceutical company focused on developing
cancer treatments agreed to be acquired by Pfizer Inc.(PFE) in a
deal valued at $11.4 billion.
Chewy Inc.'s stock remained in focus after the online pet
retailer on Friday made its debut as a publicly traded company,
soaring nearly 60%. Shares of Chewy were down 2.3% in early
Auction house Sotheby's(BID)announced a deal
to be acquired by BidFair U.S.A., which is owned by telecom and
media entrepreneur and art collector Patrick Drahi, in a deal
valued at $3.7 billion. Shares of the company were up 57%.
Dish Network Corp. shares (DISH) jumped on the heels
of reports that it is the leading bidder to buy assets that
wireless carriers T-Mobile US Inc. (TMUS) and Sprint Corp. (S)
would have to shed for merger approval.
Facebook Inc.'s shares (FB) were gaining 3.4% as the
social-media company was reportedly set to rollout its foray into
cryptocurrencies, Libra coin, as early as Tuesday.
What are strategists and analysts saying?
"The past few days managed little to no real progress for bulls
nor bears, and by Friday's close, S&P was less than a half
point away from were prices had closed Monday. This coming week
brings about the much anticipated June [Federal Open Market
Committee] meeting, and while a lowering of rates has not been
priced in by the market for Tuesday, such a move IS expected by
July, and failure to do so would be a surprise to markets (based on
current positioning)," wrote Mark Newton, technical analyst at
Newton Advisors, in a research note.
How are other markets trading?
The yield on the 10-year
U.S. Treasury note rose 0.6% to 2.107%.
Asian markets closed mixed
with Hong Kong's Hang Seng Index rising 0.4% and China's Shanghai
Composite Index inching up 0.2%. Japan's Nikkei 225 was flat, while
in Europe, the Stoxx Europe 600 was flat.
eased 0.4% to $1,338.30 an ounce and the U.S. dollar also slipped
against a basket of its peers. West Texas Intermediate crude eased
0.6% to $52.18 a barrel.
(END) Dow Jones Newswires
June 17, 2019 11:19 ET (15:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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