Here Are 3 Hot Things to Know About Stocks Right Now
- The Nasdaq (^IXIC) finished lower on Thursday after posting a record close for three consecutive days.
- The S&P 500 (^GSPC) fell for the first time in five trading sessions.
- The Dow Jones Industrial Average (^DJI) jumped 94 points on Thursday after posting a gain of 1.4% on Wednesday, its biggest percentage gain since April 10.
Wall Street Overview
Stocks closed mixed on Thursday, June 7, as concerns mounted over the potential for a major rift on trade and tariffs when G-7 leaders meet later this week in Quebec City.
The third-consecutive record closing high for the Nasdaq was adding bullish fuel to a global equity market still searching for signs that coordinated economic growth - a key pillar of the current bull market - won't be impacted by either the ongoing disagreements on trade between the White House and its economic allies or a faster-than-expected move to normalize interest rates from either the Federal Reserve or the European Central Bank.
Sentiment was helped by news that the U.S. struck a deal with Chinese handset maker ZTE Corp. (ZTCOY) , according to U.S. Commerce Secretary Wilbur Ross, who told CNBC that restrictions on ZTE for purchasing parts from U.S. companies would be lifted.
The Dow Jones Industrial Average (^DJI) rose 94 points, or 0.38%, to 25,241. Leading the Dow were McDonald's Corp. (MCD) - Get Report and Chevron Corp. (CVX) - Get Report . The S&P 500 (^GSPC) fell 0.07% and the Nasdaq (^IXIC) declined 0.70%. The tech-heavy Nasdaq finished Wednesday, June 6, at a new record closing high of 7,689.24.
Icahn's motivation and the size of his investment remain unclear. Icahn previously held a position in the drugmaker, disclosing a stake in 2016 that was sold in the first quarter of 2017, according to data compiled by Bloomberg.
Allergan shares rose 5% on Thursday.
Alphabet Inc. (GOOGL) - Get Report shares fell 1% following a report that said European Union antitrust authorities were preparing to hit Google next month for abusing its dominance through the Android mobile operating system.
Margrethe Vestager, the EU's competition commissioner, could announce the negative finding within weeks, according to people familiar with the case, the Financial Times reported.
Amazon.com Inc. (AMZN) - Get Report has purchased a three-year rights package to broadcast Premiership football in the United Kingdom as the online giant continues to gain a foothold in key European sports markets. Shares fell 0.38%.
Shares of Five Below Inc. (FIVE) - Get Report jumped 21% on Thursday after the retailer topped analysts' first-quarter earnings expectations and issued better-than-expected guidance for its fiscal second quarter.
J.M. Smucker Co. (SJM) - Get Report fell 5% after the jams and jellies maker posted fiscal fourth-quarter earnings and sales that came in below forecasts, and said it expects fiscal 2019 adjusted profit of $8.40 to $8.65 a share, below estimates.
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