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U.S. stocks closed higher Wednesday, with materials and industrial
stocks leading, as the Dow and S&P neared their 52-week intraday
highs touched last summer.
U.S.
stock futures moved higher Wednesday, as oil prices broke above $51 a
barrel and the dollar tumbled to a one-month low, while investors
awaited fresh data on available jobs and crude oil supply in the U.S.
The Federal Reserve Board and the Federal Deposit Insurance
Corporation (FDIC) on Wednesday announced that four foreign banking
organizations (FBOs) will be required to submit their next resolution
plans on July 1, 2017.
Previously, the four FBOs--Barclays PLC, Credit Suisse Group,
Deutsche Bank AG, and UBS--were required to submit their next plans on
July 1, 2016. However, the agencies jointly determined the 2016 annual
resolution plan filing requirement will be satisfied by the submission
of 2017 resolution plans.
The agencies made their decision in light of the significant
restructuring these companies are undertaking to come into compliance
with the Federal Reserve Board's Intermediate Holding Company (IHC)
requirement, which is also due on July 1, 2016. The formation of an IHC
will facilitate supervision and regulation of the U.S. operations of a
foreign bank, and certain IHC-required initiatives are likely to affect
the firms' resolution plans and strategies. The IHC requirement was
established by the Federal Reserve Board in 2014 as part of its
implementation of the enhanced prudential standards required under the
Dodd-Frank Wall Street Reform and Consumer Protection Act for bank
holding companies and foreign banking organizations with total
consolidated assets of $50 billion or more.
The agencies expect to provide feedback to the four FBOs based on
their 2015 plans as well as provide additional guidance to the firms for
their 2017 plans.
The Dodd-Frank Act requires that bank holding companies with total
consolidated assets of $50 billion or more or foreign banks with $50
billion or more in global consolidated assets periodically submit
resolution plans to the FDIC and the Federal Reserve. Each plan must
describe the company's strategy for rapid and orderly resolution under
the U.S. Bankruptcy Code or other applicable insolvency regime in the
event of material financial distress or failure of the company. Board Votes
NEW YORK —
Hillary Clinton laid claim to the Democratic presidential nomination
Tuesday night, making a full pivot to a nasty general-election fight
against Donald Trump even as she prevailed in a vigorously contested
primary in California against Sen. Bernie Sanders.
U.S. stocks futures tilt higher as oil pushes further above $50
Carla Mozee
U.S.
stock futures pointed to modest gains on Wednesday, with updates from
the labor and energy markets due as investors watch to see if Dow
industrials can close above 18,000 and if oil prices can stay above $50 a
barrel.
Futures for the Dow Jones Industrial Average
YMM6, +0.08%
were up 14 points, or 0.1%, at 17,946, and futures for the S&P 500
ESM6, +0.11%
picked up 1.45 points, or 0.1%, at 2,111.75. Futures for the Nasdaq Composite
NQM6, +0.06%
were higher by 1.5 points at 4,515.75. On Wall Street Tuesday, the Dow industrials
DJIA, +0.10%
edged up 0.1% and briefly
topped 18,000 for the first time since April. The S&P 500 index
SPX, +0.13%
finished up 0.1%, enough to
allow the index to mark its best close in nearly 10 months, at 2,112.13.
That index is less than 1% off its record of 2,130.82, set May 21,
2015.
The Nasdaq Composite Index
COMP, -0.14%
on Tuesday shed 0.1%, weighed on by biotech shares.
“Stocks
... squeezed out a new high for the year yesterday, but it has been a
slow crawl higher in the wake of last Friday’s U.S. Employment Report
and the subsequent dovish tone to [Federal Reserve Chairwoman Janet]
Yellen’s speech on Monday,” said Simon Smith, chief economist at FxPro,
in a note.
“Once again, this demonstrates the waning impact that
low rates and monetary policy in general is having on stocks and asset
markets in general,” he added.
Defiant Sanders refuses to drop out of Democratic race
Sen. Bernie Sanders promised to carry on his campaign after Hillary Clinton claimed victory as the party's nominee.
Energy stocks, which helped nudge the S&P 500 higher, will be back in focus Wednesday as oil prices
CLN6, +0.87%LCOQ6, +1.03%
continued to trade above $50 a
barrel. West Texas Intermediate futures on Tuesday settled at their
highest since July.
The Energy Information Administration is
expected to release its weekly crude-supply report at 10:30 a.m. Eastern
Time. Ahead of that report, data showed crude imports into China rose 39% in May from the year-ago period, in part on demand from privately owned refineries.
“This
extra demand has boosted not only the price of oil, but also optimism
that the world’s second- largest oil consumer may be arresting its
economic downturn — something which would be supportive for oil and
other commodities,” said Mihir Kapadia, chief executive at
wealth-management firm Sun Global Investments, in a note. Economic docket:
The Labor Department is due to release data at 10 a.m. Eastern on the
number of available jobs in April. The job openings report will include
the quits rate — a measure of worker willingness to leave one job for
another — and the hiring rate.
The Census Bureau is slated to release its first-quarter report on services-sector activity at 10 a.m. Eastern. See:MarketWatch’s economic calendar Corporates: Lululemon Athletica Inc.
LULU, -0.89%
shares are down 3.1% in
premarket trade after the yoga wear retailer reported earnings and gave a
second-quarter sales forecast below expectations. Other markets:Asian stocks were mixed, with Japan’s Nikkei Average
NIK, +0.93%
up 0.9%, but the Shanghai Composite
SHCOMP, -0.30%
down 0.3%.
The dollar index
DXY, -0.11%
was off 0.1% at 93.749, while gold futures
GCQ6, +0.67%
were up nearly 1% at $1,255.40 an ounce.
European stocks
SXXP, -0.48%
were moving lower. Attention was turning to the bond market as the European Central Bank began purchasing corporate bonds.
Markets in Europe are softer but U.S. stock futures are mostly flat. Here are the four things you need to know before the opening bell rings in New York:
Chinese
stocks slipped Wednesday and trading was tepid across Asia, as
investors braced for upcoming economic data out of China and a key
decision next week by benchmark provider MSCI Inc.
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