Yes A checkmark with a circle around it close Wells Fargo Advisors on Facebook Facebook symbol, links to WFA Facebook page Wells Fargo Advisors on Linkedin Linkedin symbol, links to WFA Linkedin page

Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening | Midday | Closing

Midday Comment — Wednesday, June 16, 2021

DJIA: 34,288.56, down 10.77
S&P 500: 4,245.27, down 1.32
Nasdaq Composite: 14,085.19, up 12.33

Stocks muted ahead of Fed decision

U.S. stocks are fluctuating near mid-session Wednesday, as investors anticipate this afternoon's Federal Reserve policy statement, due at 2:00 p.m. ET. While no monetary policy change is expected, market participants will pay close attention to updated economic projections from officials, and Fed Chair Jerome Powell's post-meeting press conference should also garner attention for any clues concerning the timing of tapering bond purchases. The S&P 500 is off less than 0.1%, while the Nasdaq Composite is up 0.1%, with both benchmarks last posting record closing levels on Monday. The Dow is losing 10 points.

On the data front, housing starts rebounded 3.6% in May from the prior downwardly revised 12.1% drop. Separately, building permits slipped 3% during the same period, versus April's 1.3% decline. Other releases revealed import and export prices rose more than projected last month, up 1.1% and 2.2%, respectively. Treasuries are strengthening modestly, with the yield on the 10-year note down one basis point to 1.48%.

In earnings, Oracle is falling 5.5% as a weak current-quarter profit forecast overshadows a top and bottom line beat. Breadth is positive on issues by 8:7 on the NYSE and roughly even on the Nasdaq. Composite NYSE volume is greater than 1.7 billion shares.

In commodities, WTI crude is rising 1% to $72.82/barrel after data showed a fourth consecutive weekly drawdown in domestic crude stockpiles. Copper is rebounding 1.2% on the heels of its biggest single-session drop since April on Tuesday, which was largely attributed to news that China would gradually release its stockpiles of various base metals.

Opening Comment — Wednesday, June 16, 2021

DJIA: 34,242.83, down 56.50
S&P 500: 4,244.93, down 1.66
Nasdaq Composite: 14,105.70, up 32.84

Stocks open mixed ahead of Fed decision

U.S. stocks are fluctuating in early trading Wednesday, with investors remaining cautious ahead of this afternoon's Federal Reserve policy statement, due at 2:00 p.m. ET. The Dow is off 56 points, while the S&P 500 is toggling between small gains and losses. The Nasdaq Composite is adding 0.2%. While no central bank policy change is expected, market participants will pay close attention to the updated "Summary of Economic Projections" and Fed Chair Jerome Powell's post-meeting press conference at 2:30 p.m. ET should also garner attention for any clues concerning the timing of tapering bond purchases.

On the data front, housing starts rebounded 3.6% in May from the prior downwardly revised 12.1% drop. Separately, building permits slipped 3% during the same period, versus April's 1.3% decline. Other releases revealed import and export prices rose more than projected last month, up 1.1% and 2.2%, respectively. Earlier this morning, a report showed MBA mortgage applications rose 4.2% in the latest week, compared to a previous 3.1% drop. Treasuries are modestly advancing, with the yield on the 10-year note down one basis point to 1.48%, still above a three-month trough of 1.42% hit last week.

In earnings, Oracle is falling 4.5% as a weak current-quarter profit forecast overshadows a top and bottom line beat. Breadth is negative on issues by 2:1 on the NYSE and 3:2 on the Nasdaq. In commodities, WTI crude is rising 0.2% to $72.27/barrel. Copper is modestly rebounding after notching its worst one-day session since April on Tuesday, following news China would gradually release its stockpiles of various base metals.

Closing Comment — Tuesday, June 15, 2021

DJIA: 34,299.33, down 94.42
S&P 500: 4,246.59, down 8.56
Nasdaq Composite: 14,072.86, down 101.28

Stocks pull back ahead of Fed decision

U.S. stocks finished lower on Tuesday, as investors assessed a slew of economic data ahead of tomorrow’s Federal Reserve policy decision. Both the S&P 500 and Nasdaq Composite drifted from their record closing levels set on Monday, down 0.2% and 0.7%, respectively. The Dow fell 94 points. Treasuries were little changed, with the yield on the 10-year note holding steady at 1.49%.

On the data front, retail sales fell 1.3% in May, disappointing estimates calling for an 0.8% decline. However, April’s flat reading was upwardly revised to 0.9%. Separately, the producer price index (PPI) jumped a bigger-than-expected 6.6% year-over-year last month, accelerating from April's 6.2% gain and representing the largest increase since November 2010. Additionally, a gauge of homebuilder sentiment from the NAHB unexpectedly fell to its lowest point in 10 months in June. Rounding out the docket, manufacturing and industrial production both increased more than forecasted in May. In commodities, copper prices slid to the lowest level in eight weeks on speculation China may gradually release some of its stockpiles of the industrial metal.

Seven of 11 S&P 500 sectors closed in negative territory, with the Real Estate, Information Technology, and Communication Services groups leading decliners. Energy shares outperformed as WTI crude bucked an overall downtrend in commodity prices, climbing 2% to $72.25/barrel, its strongest level since 2018. Exxon Mobil gained 3.5% after being the subject of positive analyst comments. In other corporate news, Sage Therapeutics slumped 19% as investors reacted to trial data of the company’s experiential depression drug. Elsewhere, Fastenal slipped 2.4% on the heels of an analyst downgrade.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.