Updated from 10:09 a.m. ET on Monday, June 26.
Stocks turned mixed on Monday, June 26, as crude oil reversed gains and major tech names fluctuated.
The S&P 500 was up 0.1%, the Dow Jones Industrial Average gained 0.05%, and the Nasdaq fell 0.07%.
The FAANG stocks -- Facebook Inc. (FB - Get Report) , Amazon.com Inc. (AMZN - Get Report) , Apple Inc. (AAPL - Get Report) , Netflix Inc. (NFLX - Get Report) and Alphabet Inc. (GOOGL - Get Report) (formerly Google) -- traded mixed. The Technology Select Sector SPDR ETF (XLK - Get Report) fell 0.15%.
The U.S. Supreme Court is making a number of rulings on its final day of the current term, including a number of religious liberty cases. The highest court already ruled on Monday in favor of a Missouri church that had been denied a state grant. The court ruled 7-2 that Missouri had been wrong to deny the church funds to repave school playgrounds.
The Supreme Court also agreed to hear appeals to the blocking of President Donald Trump's "travel ban." Several lower courts had called the ban unconstitutional, citing Trump's previous campaign promise to block all Muslim immigration. Trump's current legislation blocks travel from six Muslim-majority countries.
Crude oil prices were on track to snap a two-day streak in the green. Prices had risen over the past two session, recovering from a steep selloff. Worries over global oversupply and stubbornly high production ravaged commodities markets in the past week. The selloff began on Tuesday, June 20, with sharp declines sending prices into a bear market, having fallen more than 20% from a late February high. Crude reached its lowest level in 10 months on Wednesday.
West Texas Intermediate crude was down 0.44% to $42.82 a barrel on Monday.
Healthcare names on watch ahead of an expected vote on the GOP's Obamacare replacement later in the week. Senate House Majority Leader Mitch McConnell is pushing for a vote on the Senate's bill in the coming week. McConnell hopes to have votes cast before Congress goes on its July 4 recess.
The Senate bill, which was made public on Thursday, June 22, suggests deep cuts to Medicaid and allows states the option to drop benefits coverage, including maternity care and mental health care. Details of the plan have been worked out in secret with no public hearings nor amendments from across the aisle.
The Congressional Budget Office will release its rating on the Senate Republicans' healthcare bill in the coming week. The CBO rating could be released as early as Monday. The Senate GOP's plan is seen as similar to the House GOP's American Health Care Act, though many have criticized the bill for being even harsher. A number of Republicans have openly criticized the bill, including Sen. Ron Johnson (R-Wis.) and Sen. Dean Heller (R-Nev.).
The CBO found that the House's bill would leave 23 million more Americans uninsured in exchange for a $119 billion reduction in the deficit over 10 years and nearly $800 billion in tax cuts that would overwhelmingly benefit the rich. The Tax Policy Center estimated a $37,000 average annual tax cut would go to the highest 1% of earners, and the top 0.1% would get a $200,000 tax cut.
The healthcare sector had one of its best weekly performances last week since early November 2016. The sector rallied on Wednesday, June 21, and Thursday, June 22, on hopes that the Senate GOP healthcare bill and relaxed regulations from the Trump White House would benefit drugmakers.
Pandora Media Inc. (P co-founder and CEO Tim Westergren plans to step down as the streaming music company's leader, Recode reported, citing people familiar with the company's plans. Pandora hasn't selected a replacement for Westergren, sources said. He will likely stay on at the company he founded 17 years ago until a new CEO is in place, Recode reported. Westergren has been running Pandora since 2016.
Hartford Financial Services Group Inc (HIG - Get Report) rose nearly 1% after reducing its pension liabilities through a deal with Prudential Financial Inc. (PRU - Get Report) . Hartford will purchase a group annuity contract and transfer $1.6 billion, 29% of its $5.6 billion in U.S.-qualified pension plan liabilities. Hartford expects a $485 million charge in the second quarter tied to the transaction and a reduction to stockholders' equity of approximately $140 million.
Supervalu Inc. (SVU Chief Financial Officer and Chief Operating Officer Bruce Besanko will resign from his positions effective July 5, the company said in a statement Monday. Besanko told the Board of Directors for the Minnesota-based grocery chain that he's pursuing an opportunity outside of the company, but the release did not provide any further detail regarding Besanko's plans.
Arconic Inc. (ARNC - Get Report) slumped 6% after being named as the producer of aluminum steel used in the Grenfell Tower. According to The New York Times, contractors reportedly combined Arconic-produced cladding with flammable interior insulation material. A fire at Glenfell Tower in the U.K. on June 14 killed at least 79 people.
Avis Budget Group (CAR - Get Report) increased 11% after the vehicle rental service company and Alphabet self-driving car branch Waymo reached a deal for the rental car company to manage its fleet of vehicles. Avis will store the fleet in Phoenix where Alphabet is currently testing its vehicles.
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