Midday Report: Crude Stockpiles Rise; Stocks Rebound From Worst Losses in a Month

Wall Street was in rebound mode, bouncing back from its worst losses in a month a day earlier.
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Wall Street was in rebound mode, bouncing back from its worst losses in a month a day earlier. Nasdaq was attempting to snap a two-day losing streak. Healthcare and tech, laggards of the week, were both in the green. Arconic Inc. (ARNC) - Get Report led gains in basic materials stocks after two days of losses. Shares of the metals manufacturer have tumbled so far this week after being named as the producer of aluminum steel used in the Grenfell Tower. A fire at that U.K. tower earlier this month killed dozens. The pending home sales index declined in May as constrained supply continued to suppress activity. The number of sales in which a contract has been signed but deal not yet closed has declined for three straight months. Crude oil made a sharp break higher even after a weekly rise in domestic stockpiles. The EIA reported a 100,000-barrel build in crude oil inventories in the past week.