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5 July 2017
 |
| U.S. stock markets (The Total Investment & Insurance Solutions) |
U.S. stocks are slipping Wednesday as oil prices turn lower and energy
companies fall with them. Auto parts makers and car companies are skidding
after O'Reilly Automotive disclosed weak sales in the second quarter. Major
indexes are mixed as technology companies, health care firms and banks make
small gains. The Total Investment &
Insurance Solutions
KEEPING SCORE: The Standard & Poor's 500
index added 2 points, or 0.1 percent, to 2,431 as of 11:35 a.m. Eastern time.
The Dow Jones industrial average fell 12 points, or 0.1 percent, to 21,467. The
Nasdaq composite rose 25 points, or 0.4 percent, to 6,135 as technology
companies did better than the rest of the market. The Total Investment & Insurance Solutions
Small-company stocks slumped, and the Russell
2000 index sank 12 points, or 0.8 percent, to 1,414. At midday, almost
three-quarters of the stocks on the New York Stock Exchange were falling.
U.S. markets were closed Tuesday.
SIGN ON THE DOTTED LINE: Payment processor
Vantiv will buy the U.K.'s Worldpay for about $10 billion. Worldpay allows
businesses to accept credit cards and online payments, and it said Tuesday it
was talking to Vantiv and JPMorgan about potential deals. It released a
statement Wednesday saying the companies agreed on the key terms of an
acquisition. Vantiv stock retreated $1.73, or 2.8 percent, to $60.78. The Total Investment & Insurance
Solutions
Monogram Residential, which owns and operates
luxury apartment communities, climbed after it agreed to be bought by real
estate company Greystar and a group of investors. The deal values Monogram at
$12 a share, or about $2 billion, and also includes about $1 billion in debt.
Monogram stock added $2.16, or 22 percent, to $11.96. The Total Investment & Insurance Solutions
FALSE START: Auto parts maker O'Reilly
Automotive said sales at its older locations fell over the last three months
because of weak demand and the effects of a mild winter. The company had
expected sales to improve in the second quarter, and Wall Street analysts had
forecast growth as well. O'Reilly stock lost $45.18, or 20.5 percent, to
$175.23 and is down 37 percent this year as investors worry about the effects
of slowing car sales. The Total
Investment & Insurance Solutions
The three biggest losers on the S&P 500
were all auto parts companies. Advance Auto Parts gave up $17.87, or 15.1
percent, to $100.54 and AutoZone slid $56.12, or 9.8 percent, to $515.59.
Car companies also fell, as Ford declined 25
cents, or 2.2 percent, to $11.31 while General Motors sagged 54 cents, or 1.5
percent, to $35.03. Automakers had rallied Monday after they reported their
monthly sales. The Total Investment
& Insurance Solutions
Tesla lost $19.57, or 5.5 percent, to $333.05
as investors were disappointed with the company's second-quarter production and
delivery totals. The Total Investment
& Insurance Solutions
ENERGY: Benchmark U.S. crude dropped $1.62,
or 3.4 percent, to 45.45 a barrel in New York. Brent crude, used to price
international oils, sank $1.45, or 2.9 percent, to $48.16 a barrel in London.
U.S. crude reached an annual low in late June and then jumped 11 percent over
the previous eight trading days. The
Total Investment & Insurance Solutions
Hess fell $1.90, or 4.2 percent, to $43.52
and Exxon Mobil shed $1.29, or 1.6 percent, to $80.81.
TECH RELIEF: Technology companies did
relatively well, although they have taken sharp losses over the last month.
Chinese e-commerce company Baidu rose $4.18, or 2.3 percent, to $184.15 and
chipmaker Nvidia gained $3.76, or 2.7 percent, to $143.09. The companies said
they will work together on a group of projects intended to bring artificial
intelligence technology to cloud competing, autonomous cars and home
assistants. The Total Investment & Insurance
Solutions
Elsewhere, chipmaker Advanced Micro Devices
jumped 62 cents, or 5.1 percent, to $12.77 and payment processor PayPal climbed
$1.35, or 2.6 percent, to $54.22.
NORTH KOREAN MISSILE: Investors weren't much
troubled by North Korea's first successful test of an intercontinental
ballistic missile. The VIX, Wall Street's "fear gauge," inched higher
as the U.S. and ally South Korea responded to the test by firing precision
missiles into South Korean waters, and the United Nations Security Council was
set to hold an emergency meeting.
BONDS: Bond prices edged higher. The yield on
the 10-year Treasury note dipped to 2.33 percent from 2.35 percent late Monday. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar declined to 113.27 yen
from 113.39 yen. The euro fell to $1.1333 from $1.1358. The Total Investment & Insurance Solutions
OVERSEAS: The CAC 40 of France gained 0.3
percent and Germany's DAX rose 0.3 percent as well. The FTSE 100 index in
Britain added 0.2 percent. Japan's benchmark Nikkei 225 index gained 0.3
percent while the Kospi in South Korea added 0.3 percent. Hong Kong's Hang Seng
rose 0.5 percent.The Total Investment
& Insurance Solutions
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