By William Watts and Mark DeCambre, MarketWatch
Casino operator Caesars agrees to $8.6 billion buyout
Most major stock benchmarks finished lower on Monday, though the
Dow managed a slight gain, as selling in the energy sector after
President Donald Trump announced "hard-hitting" Iranian sanctions,
dragged the broader market into negative territory.
The Dow Jones Industrial Average rose 8.41 points, or 0.03%, to
close at 26,727.54, but had hit a high at 27,805.52, inching close
to its Oct. 3 record close 26.828.39 before retreating. Meanwhile,
the S&P 500 gave up 0.2% to end at 2,945.35, while the Nasdaq
Composite Index edged 26.01 points, or 0.3%, lower to 8,005.70.
The small-capitalization focused Russell 2000 index finished
down 1.3%, marking its worst one-day drop since May 31, as did the
Dow Jones Transportation Average , which finished the day 1.5%
lower.
Need to Know:Why you should 'keep your eyes open' during this
June rally
(http://www.marketwatch.com/story/why-you-should-keep-your-eyes-open-during-this-june-rally-2019-06-24)
On Monday, U.S.-Iranian tensions escalated, as Trump signed an
executive order targeting financial sanctions against Iran's
leaders, including its Supreme Leader Ayatollah Ali Khamenei.
"I think a lot of restraint has been shown by us -- a lot of
restraint -- and that doesn't mean we're going to show it in the
future," the president said, also asking China and Japan to
shoulder some of the responsibility for protecting key oil "choke
point," the Strait of Hormuz
(http://www.marketwatch.com/story/strait-of-hormuz-oil-choke-point-in-focus-as-iran-shoots-down-us-drone-amid-rising-tensions-2019-06-20).
The U.S. has blamed the Islamic Republic for attacks on tankers
near the waterway, while Iran last week shot down a U.S. drone.
Trump on Friday said he aborted a retaliatory strike against
Iran.
U.S. oil futures ended higher Monday
(http://www.marketwatch.com/story/us-oil-extends-last-weeks-surge-as-us-readies-additional-iran-sanctions-2019-06-24),
but energy stocks, as a group, finished with a loss of 0.9%, making
them the worst performers among the S&P 500's 11 sectors.
Meanwhile, Trump and Xi are set to meet later this week at a
Group of 20 summit in Osaka, Japan, with investors looking for
signs the leaders can work out a truce in a trade war that has
raised concerns about global economic growth and corporate
earnings.
Read:How the Trump-Xi trade meeting could set the stock-market
tone for the summer
(http://www.marketwatch.com/story/how-the-trump-xi-trade-meeting-could-set-the-stock-market-tone-for-the-summer-2019-06-22)
"All the attention will be on Donald Trump and his Chinese
counterpart Xi Jinping and whether they can dial down the mood
music on trade which of late has been set at death metal levels,"
said Russ Mould, director at AJ Bell Investment, in a note. "The
outcome could help set the tone for the markets over the remainder
of the summer."
Trading action otherwise has been lackluster to start the week
thus far, market participants said.
"There has been an absence of major macroeconomic news today and
that has brought about low volatility. Stocks have managed to build
slightly on the gains that were made last week, so traders are
clearly cautiously optimistic about the G-20 summit," wrote David
Madden, market analyst at CMC Markets U.K.
See:Global oil 'choke point' in focus after Trump calls off
military strike against Iran: What you need to know
(http://www.marketwatch.com/story/strait-of-hormuz-oil-choke-point-in-focus-as-iran-shoots-down-us-drone-amid-rising-tensions-2019-06-20)
On Wall Street's radar
Shares of Caesars Entertainment Corp.(CZR) jumped 14.5% after
the casino operator agreed to be bought out
(http://www.marketwatch.com/story/caesars-stock-soars-after-eldorado-buyout-deal-values-casino-operator-at-about-87-billion-2019-06-24)
by Eldorado Resorts Inc.(ERI) in a deal that values the casino
operator at $8.6 billion. Eldorado shares were off 10.6% in Monday
trade.
Shares of Home Depot Inc. (HD) exacted a roughly 26-point toll
on the Dow, with the home-improvement retailer's stock finishing
down 1.9% on no substantial news.
Goldman Sachs Group Inc.'s shares (GS) rose 0.8%, contributing
about 10 points to the price-weighted Dow's gains, while shares of
aeronautics and defense contractor Boeing Co. (BA) added about 15
points. A dollar move in any one of the 30 blue-chip components of
the Dow equates to a roughly 6.8-point swing.
Shares of Palatin Technologies Inc.(PTN) shed 9.7% even after
the Food and Drug Administration granted marketing approval
(http://www.marketwatch.com/story/palatins-stock-rockets-after-fda-ok-to-market-sexual-desire-disorder-treatment-2019-06-24)
for a treatment for hypoactive sexual desire disorder, triggering a
$60 million milestone payment. Shares of the company had been
climbing 27% in premarket trade.
Micron Technology Inc.'s shares (MU)were in focus
(http://www.marketwatch.com/story/micron-could-lose-money-by-year-end-but-its-stock-may-be-near-a-bottom-citi-says-2019-06-24)after
Citigroup analyst Christopher Danely warned that the chip maker
could may lose money by the end of the year, according to Citi, but
its stock could be nearing a bottom. Shares rose 0.8%.
Shares of auto maker Daimler AG(DAI.XE) fell 3.8% in German
trading
(http://www.marketwatch.com/story/daimler-issues-profit-warning-over-costly-diesel-issues-2019-06-24)
after it warned that second-quarter profits would be high by
increased charges surrounding problems with diesel vehicles from
its Mercedes-Benz brand. Daimler also downgraded its full-year
earnings forecast.
Daimler's performance weighed on Germany's DAX stock index ,
while European stocks traded mostly lower. The Stoxx 600 Europe
Index ended 0.3% lower.
A weak reading for a closely followed German business sentiment
index did little to soothe worries over the global economic
outlook. The Ifo business-climate index fell to 97.4 in June
(http://www.marketwatch.com/story/german-business-sentiment-continues-to-deteriorate-2019-06-24-54853020),
its lowest since November 2014, from 97.9 in May. Economists had
forecast a reading of 97.6.
How were other assets trading?
Overnight Thursday Asian stocks were mixed with Hong Kong's Hang
Seng Index edged up 0.1%, China's Shanghai Composite Index gained
0.2%, and Japan's Nikkei 225 picked up 0.1%.
Gold futures extended gains
(http://www.marketwatch.com/story/gold-resumes-rally-pushing-further-past-1400-2019-06-24),
settling at $1,418.20 an ounce.
The 10-year Treasury yielded 2.021%
(http://www.marketwatch.com/story/treasury-yields-slip-ahead-of-trump-xi-meeting-2019-06-24),
and the U.S. dollar, as measured by the ICE U.S. Dollar Index ,
retreated 0.2% against its peers.
(END) Dow Jones Newswires
June 24, 2019 16:44 ET (20:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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