Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average ended down Wednesday after Treasury Secretary Steven Mnuchin said the U.S. and China were "about 90% of the way" to reaching a trade agreement, while President Trump said he wants to make a trade deal with Beijing, but is happy where things are now.
- Micron Technology (MU) - Get Report rose after the chipmaker's fiscal third-quarter earnings and revenue beat Wall Street forecasts and the company said it expects a solid rebound in memory demand later this year. Micron Technology is Real Money's Stock of the Day.
- General Mills (GIS) - Get Report fell after the company beat Wall Street's fourth-quarter earnings expectations but revenue was below forecasts.
Wall Street Overview
Stocks pared gains Wednesday afternoon and ended mixed as investors assessed comments from President Donald Trump and Treasury Secretary Steven Mnuchin on the state of U.S. trade negotiations with China.
The Dow Jones Industrial Average finished down 11 points, or 0.04%, to 26,536, about 50 points off the day's highs. The S&P 500, falling for the fourth straight day, slipped 0.12%, with Paychex (PAYX) - Get Report leading the way down with a 3.7% loss. The Nasdaq climbed 0.32%.
Speaking on CNBC, Mnuchin said he was confident that Trump and Chinese President Xi Jinping would make progress in discussions at this weekend's G-20 summit in Osaka, Japan.
"I'm hopeful that we can move forward with a plan ... President Trump and President Xi have a very close working relationship. We had a productive meeting at the last G-20," Mnuchin said.
Trump said in an interview with Fox Business that while he's hopeful for a U.S.-China trade deal he also is happy with the way things are going now. Trump also said that he was ready to put tariffs on the remaining $350 billion of Chinese goods that come into the U.S., but added that he would increase tariffs by 10% instead of 25%.
In energy news, the Energy Information Administration said U.S. crude supplies dropped by 12.8 million barrels for the week ended June 21, while analysts were looking for a decline of 2.8 million barrels. The American Petroleum Institute said U.S. crude stockpiles fell by 7.5 million barrels in that same period to 474.5 million, while analysts expected a decline of 2.5 million barrels.
Brent crude contracts for August delivery, the global benchmark, were up $1.16 and changing hands at $65.44 a barrel. West Texas Intermediate crude contracts for the same month, which are more tightly linked to U.S. gas prices, were $1.41 higher at $59.24 a barrel.
Federal Reserve Chairman Jerome Powell said Tuesday that the central bank was "insulated" from political and market pressures as it debated its next move on interest rates, adding he and his colleagues on the Federal Open Market Committee were "grappling" with the varying uncertainties surrounding growth, inflation and global trade.
Micron Technology (MU) - Get Report rose 13.3% to $37.04 after the chipmaker's fiscal third-quarter earnings and revenue beat Wall Street forecasts and the company said it expects a solid rebound in memory demand later this year. Micron Technology is Real Money's Stock of the Day.
Shares of FedEx (FDX) - Get Report were up 2.3% to $159.92 after the package delivery company posted stronger-than-expected fourth-quarter earnings and said its recent issues with Huawei Technologies wouldn't impact its shipping business in China.
The Census Bureau, meanwhile, said new orders for manufactured durable goods fell by 1.3% in May to $243.4 billion. Economists, on average, had expected no change during the month, based on a survey by data provider FactSet.