Crude oil rebounded from a massive slump a day earlier even after another increase in U.S. drilling activity. The number of active U.S. rigs drilling for oil increased for the 19th week in a row. The fact that the gain was the smallest so far this year was a silver lining.
Costco led the cyclical sector's gains after higher membership fees propelled quarterly profits. Revenue rose 8% and same-store sales increased 5%, 100 basis points above consensus.
And Bank of America upgraded Veeva Systems following a solid first quarter. The cloud software developer topped adjusted earnings, while revenue surged 32%.
This article was written by a staff member of TheStreet.