Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 I:GSPC and the Nasdaq I:IXIC rose Tuesday for the seventh time in the past eight sessions.
- The Consumer Price Index for May rose 0.2%, meeting economists' expectations. CPI has risen 2.8% over the past year, the fastest rate since early 2012.
- The Federal Reserve on Tuesday begins a two-day meeting at which the central bank is expected to raise short-term interest rates for the second time this year.
Stocks finished mixed on Tuesday, June 12, after Donald Trump and North Korean leader Kim Jong Un signed a "comprehensive" agreement to continue discussions that would lead to the denuclearization of the Korean peninsula and Wall Street turned its attention the start of the Federal Reserve's two-day meeting.
Stock gains were limited after the text of the document signed by Trump and Kimwas scant on new commitments or advancements. The historic importance of the first meeting between a sitting U.S. president and a North Korean leader was blunted somewhat after the agreement included no new actions or commitments on the part of North Korea to end its nuclear weapons program.
The Federal Reserve is expected at its meeting to raise short-term interest rates for the second time this year and seventh time since December 2015. An announcement from the Fed is expected at 2 p.m. ET on Wednesday, June 13.
The Consumer Price Index for May rose 0.2%, meeting economists' expectations. CPI on a yearly basis rose to 2.8%, the highest since 2012.
Leon's ruling could have significant implications for mergers in the media industry for years to come. The space has been active in recent months, with Walt Disney Co. (DIS) - Get Report launching a bid for Twenty-First Century Fox Inc. (FOXA) - Get Report and Comcast Corp. (CMCSA) - Get Report lurking on the sidelines. The ruling is expected at 4 p.m.
Eli Llly & Co. (LLY) - Get Report and AstraZeneca PLC (AZN) - Get Report announced on Tuesday they will discontinue global Phase 3 clinical trials of lanabecestat, a treatment for early and mild forms of Alzheimer's disease, after an independent data monitoring committee concluded the drug wasn't likely to meet its goals.
Lilly fell 0.42% and AstraZeneca dropped 0.55%.
Lands' End Inc. (LE) - Get Report rose 27% after the clothing maker posted a fiscal first-quarter loss of 8 cents a share, narrower than a year-earlier loss of 24 cents. Revenue rose 12% to $299.8 million, beating estimates of $285 million.
RH (RH) - Get Report was up 30% as the company formerly knows as Restoration Hardware Inc. posted fiscal reported first-quarter earnings that beat analysts' expectations and it increased its guidance for the fiscal year.
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