Stock market snapshot as of [26/6/2019 5:30 PM]
- Nasdaq indices can thank semiconductor bellwether Micron (NASDAQ:MU) for an assured swing higher that negates much of Tuesday’s jittery decline. The bounce also puts an improved gloss on broader sentiment heading into the G20 summit
- European markets continued to fare less well. New uncertainties on potential Fed rate cuts combine with wide-open questions about talks between Presidents Trump and Xi at the meeting this weekend
- Washington’s signal that it is likely to hold off from imposing further tariffs on Chinese goods essentially confirms what markets had already tentatively priced in. The news doesn’t remove longer-term uncertainties with possible tariffs hanging over Europe’s automobile sector
Corporate News
- Resumed oil supply concerns push all 13 components of the S&P 500 Oil & Gas Exploration and Production index into the black. Conoco Phillips and Hess gain most with 5% jumps
- Micron leads large caps though. A 12%-14% surge defies the $41bn group’s unequivocal exposure to the U.S.-China trade dispute. Yet results were widely judged as “better-than-feared” and guidance barely addresses forthcoming bans of firms on the Commerce Department’s Entity list, including key customer Huawei, nor the risk of more U.S. tariffs
- General Mills stands out on the losing side of the market, sliding 5%. The Old El Paso brand owner’s worse-than-expected North America results bring a cooler take on the Consumer Staples outlook, leaving the sector as the session’s worst performer with a 1% fall
Upcoming corporate highlights
BMO: before market open
Upcoming economic highlights
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