Stocks (^DJI, ^GSPC, ^IXIC) are paring gains here following weak factory data and tech’s slipping. But the Dow blue chips snapped a five-session losing streak. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance editor-in-chief Andy Serwer.
Winners and losers
Stocks in the red today include SeaWorld as it received subpoenas in connection to comments executives made regarding the 2013 documentary “Blackfish;” GrubHub as Morgan Stanley downgraded the Seamless parent to equalweight with a price target of $43; and Arconic, with shares tumbling amid reports that the company supplied the panels used in London’s Grenfell Tower. Reuters reports emails sent by an Arconic sales manager question why the combustible panels were used in construction. Arconic said it will stop selling those types of panels.
Stocks in the green today include STORE Capital as Berkshire Hathaway took a 9.8% stake in the REIT, valued at $377 million; Costco, as analysts at Raymond James upgraded the warehouse club to outperform, claiming shares were oversold; and Hertz, with shares surging on a Bloomberg report it is working with Apple on a small autonomous fleet. Earlier Avis Budget shares jumped on a report it was managing Waymo’s fleet of self-driving vehicles.
In the rhetoric surrounding the debate over a higher minimum wage, opponents have often claimed employers will cut back on hours and jobs if they have to pay employees more. Turns out that might actually be the case. Rick Newman is here with a look at new research.
- At 9:00 a.m. ET, we’ll get the S&P Corelogic Case-Shiller home price index for April. The consensus estimate is for prices to rise 5.9% year over year, matching the prior month.
- An hour later the Conference Board releases its consumer confidence survey for June; the Street’s looking for a 116.7 reading, slightly below May’s reading.
- Finally, at 1 p.m. ET, Fed Chair Janet Yellen speaks at the British Academy in London, with a Q&A to follow.