By Wallace Witkowski, MarketWatch , Ryan Vlastelica
Priceline, Disney, Fossil, Yelp among the biggest decliners
The tech-heavy Nasdaq closed at a record for a fourth session in
a row Wednesday as the Dow industrials slipped lower as the
stunning firing of Federal Bureau of Investigation Director James
Comey stoked questions about President Donald Trump's ability to
build enough consensus in Washington to implement market friendly
polices.
"This certainly isn't a positive, something that makes you want
to go out and buy stocks, but it is too early to tell how big of a
market-moving event this will prove to be," said Bruce McCain,
chief investment strategist at Key Private Bank.
For now, investors seem to be taking a "wait-and-see" approach,
he said.
The Nasdaq Composite Index rose 8.56 points, or 0.1%, to close
at a record 6,129.14, for its fifth consecutive session of
gains.
The Dow Jones Industrial Average fell 32.67 points, or 0.2%, to
finish at 20,943.11, as shares of Walt Disney Co.(DIS) contributed
17 points to the decline. Losses on the average widened after
Boeing Co.(BA) shares accounted for another 16 points of decline
following reports it was halting flights of its 737 MAX jets
(http://www.marketwatch.com/story/boeing-shares-drop-nearly-2-on-reports-of-737-max-flight-halt-2017-05-10)
to inspect engine problems.
The S&P 500 was up 1 point, or less than 0.1%, to 2,398,
with eight out of 11 sectors trading higher, led by the energy
sector.
With valuations stretched by some metrics, equities could be
vulnerable to prolonged uncertainty coming out of Washington,
analysts said.
Late Tuesday, Trump said he dismissed Comey
(http://www.marketwatch.com/story/trump-fires-fbi-director-comey-democrats-call-for-special-prosecutor-in-russia-probe-2017-05-09)
over the FBI director's handling of the investigation into campaign
rival Hillary Clinton's emails. The reaction on Capitol Hill to
Comey's firing has ranged from approval to outrage. In a press
conference, Deputy White House press secretary Sarah Huckabee
Sanders told reporters that Trump had considered firing Comey since
the election
(http://www.marketwatch.com/story/trump-lost-confidence-in-comey-over-last-several-months-white-houses-sanders-2017-05-10-1491248).
Read:Complete text of White House statement on firing of FBI's
Comey
(http://www.marketwatch.com/story/complete-text-of-white-house-statement-on-firing-of-fbi-director-james-comey-2017-05-09)
And see:At first, Comey reportedly thought his firing was a
prank
(http://www.marketwatch.com/story/at-first-comey-reportedly-thought-his-firing-was-a-prank-2017-05-09)
The political uncertainly offset a strong rally in the energy
sector(XLE), which gained 1.1% as oil futures
(http://www.marketwatch.com/story/oil-prices-get-respite-from-selling-after-encouraging-us-supply-data-2017-05-10)
settled up 3.2% at $47.33 a barrel. Crude was higher after an
industry group reported a drop in U.S. crude supplies, a positive
sign for demand. Among specific names, shares of Chevron Corp.(CVX)
rose 1.4% as the biggest advancing stock on the Dow
industrials.
Gold futures settled up 0.2%
(http://www.marketwatch.com/story/gold-finds-some-footing-as-fbis-comey-firing-pressures-stocks-2017-05-10)at
$1,218.90 an ounce
European stocks
(http://www.marketwatch.com/story/european-stocks-back-away-from-21-month-high-as-2017-05-10)
finished higher, while Asian markets largely gained
(http://www.marketwatch.com/story/asian-markets-return-to-gains-after-korean-election-2017-05-09).
In the latest economic data, import prices rose 0.5% in April
(http://www.marketwatch.com/story/import-prices-jump-while-export-prices-edge-up-in-april-2017-05-10),
while export prices were up 0.2%. Both were higher than expected.
The U.S. recorded an April budget surplus of $182 billion
(http://www.marketwatch.com/story/us-april-budget-surplus-rises-to-182-billion-2017-05-10),
boosted by a change in the corporate tax-filing deadline.
Check out:
Stock movers:Abercrombie & Fitch Co. shares (ANF) jumped 12%
in heavy trading following a Reuters report the retailer was
fielding buyout interest.
Mylan NV(MYL) shares rose 0.8% after the drugmaker posted
first-quarter profit that exceeded expectations
(http://www.marketwatch.com/story/mylan-stock-rises-3-after-first-quarter-profit-beat-revenue-miss-2017-05-10),
though revenue was weak.
Fashion-accessories maker
(http://www.marketwatch.com/story/fossil-group-shares-plummet-after-results-outlook-miss-street-view-2017-05-09)Fossil
Group Inc.(FOSL) and online reviews provider
(http://www.marketwatch.com/story/yelp-shares-crater-25-in-after-hours-trade-after-revenue-miss-lowered-outlook-2017-05-09)Yelp
Inc.(YELP) both plummeted following disappointing quarterly
results. Shares of Fossil were down 20% while Yelp shed 18%.
Read the First Take: Yelp plummets as advertisers revolt
(http://www.marketwatch.com/story/yelp-plummets-as-advertisers-revolt-2017-05-09)
Online travel broker Priceline Group Inc.(PCLN) lost 4.5% after
delivering a weak second-quarter outlook
(http://www.marketwatch.com/story/priceline-shares-slide-on-weak-earnings-outlook-2017-05-09)
late Tuesday.
Entertainment titan Walt Disney Co.(DIS) finished down 2.2%
after posting earnings that topped forecasts, but revenue that
missed views
(http://www.marketwatch.com/story/disney-shares-down-2-as-quarterly-revenue-narrowly-misses-expectations-2017-05-09).
The stock was the biggest decliner among Dow components.
On the upside, Nvidia Corp. (NVDA) jumped 18% after the maker of
graphics chips topped profit forecasts
(http://www.marketwatch.com/story/nvidia-jumps-more-than-10-after-handily-beating-on-earnings-2017-05-09-16913212)
late Tuesday.
Electronic Arts Inc.(EA) was up 13% following
better-than-expected earnings
(http://www.marketwatch.com/story/electronic-arts-shares-surge-as-earnings-outlook-tops-street-view-2017-05-09).
Wendy's Co.(WEN) rallied 5.1% after the fast-food chain beat
first-quarter profit and sales expectations
(http://www.marketwatch.com/story/wendys-stock-jumps-after-profit-and-sales-beat-expectations-2017-05-10),
and provided an upbeat outlook.
Inc. Research Holdings(INCR) reached a deal to combine with
private-equity owned inVentiv Health
(http://www.marketwatch.com/story/inc-research-to-merge-with-private-equity-owned-inventiv-health-in-all-stock-deal-2017-05-10),
creating a large biopharmaceutical outsourcing provider. The
agreement values inVentiv at $4.6 billion, including debt. Shares
of Inc. gained 21%.
Whole Foods Market Inc.(WFM) shares declined 0.9%, after an
earlier rise, following a report that grocery chain was looking to
name a new chairman
(http://www.marketwatch.com/story/whole-foods-shares-rise-on-report-of-pending-board-change-2017-05-10)
and replace half its board.
Coty Inc. (COTY) shares jumped 12% after the company said it was
looking to overhaul the Cover Girl brand of cosmetics to make it
more attractive to retailers.
Shares of News Corp.(NWS.AU)(NWS.AU), which owns The Wall Street
Journal and MarketWatch, declined about 3% following the release of
earnings
(http://www.marketwatch.com/story/news-corp-boosted-by-digital-subscriber-gains-2017-05-09)
late Tuesday.
--Victor Reklaitis in London contributed to this report.
(END) Dow Jones Newswires
May 10, 2017 16:46 ET (20:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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