An attack on an Iraqi airbase sent U.S. markets up to new records and more in Wednesday’s Closing Bell on Money and Markets.
Both the Nasdaq and S&P 500 reached record levels in Wednesday afternoon trading after President Donald Trump said Iran “appears to be standing down” after a retaliatory attack on American targets in Iraq.
Trump also suggested the U.S. start negotiations with Tehran during a speech Wednesday.
Money and Markets: Closing Bell
S&P 500: 3,253 (+15 points, +0.5%)
DOW: 28,745 (+161 points, +0.5%)
NASDAQ: 9,129 (+60 points, +0.6%)
GOLD: $1,558.90 (-15.30, -0.9%)
BITCOIN: $8,020.84 (-98.73, -1.2%)
U.S. 10-YEAR YIELD: 1.86%
*As of 4:07 p.m.
A Big Win
We called a couple of winners and losers in this morning’s Wall Street Wake-Up.
One big drop came from Walgreens Boots Alliance Inc. (Nasdaq: WBA), which dropped more than 6% in afternoon trading following first-quarter earnings and revenue misses.
Lennar Corp. (NYSE: LEN) jumped up 2% Wednesday afternoon following an earnings report that showed the home builder beat analysts’ projections in both revenue and earnings per share.
We also mentioned Tesla Inc. (Nasdaq: TSLA), which jumped as much as 6% — above $495 — Wednesday afternoon after getting a boost from Argus Research, who upped its price target of the car maker to a whopping $556 per share.
M&A News
Grubhub Inc. (NYSE: GRUB) shares were up as much as 10% Wednesday on news the food delivery service has hired financial advisers to explore a possible sale, according to The Wall Street Journal.
Rockwell Automation (NYSE: ROK) is acquiring privately-held Israeli-based Avnet Data Security LTD. The terms of the deal were not available.
Alfac Inc. (NYSE: AFL) and its subsidiary, Aflac Global Investments, is forming a partnership with Varagon Capital Partners to invest in mid-market loans, according to The Middle Market website. Aflac is also buying a minority stake in Varagon from Oak Hill Capital partners and affiliates.
Golden Nuggets
Gold and silver both spiked overnight Wednesday but pulled back those gains through afternoon trading as investors and tensions between Iran and the U.S. cooled.
The price of gold reached near $1,600 overnight but dropped 1.2% to $1,555.30 an ounce in afternoon trading. Silver also dropped nearly 1% to $18.21 an ounce.
Cannabis Corner
Cannabis stocks were largely up through Wednesday afternoon trading. Canopy Growth Corp. (NYSE: CGC) was up 2.1% to $20.22 thanks in part to main contributor Constellation Brands Inc. (NYSE: STZ) reporting strong quarterly revenue and earnings.
The Advisorshares Pure Cannabis ETF (NYSE: YOLO) was up 1.4% to $11.35, but Aurora Cannabis Inc. (NYSE: ACB) dropped another 2.4% to $1.78 a share. Aurora Cannabis is down a staggering 67% the past year and 58% the past three months alone.
Stock Market Update
The price of oil declined Wednesday. West Texas oil dropped 4.7% to $59.70 a barrel while Brent crude oil declined 4.5% to $65.14 a barrel in afternoon trading.
The S&P 500 index rose 0.5%. The Dow Jones Industrial Average rose 161 points, or 0.5%. The Nasdaq rose 0.6%.
Today’s Big Winners:
(as of 3:15 p.m. EST)
Constellation Brands Inc. (NYSE: STZ) +4.9%
Tesla Inc. (Nasdaq: TSLA) +5.2%
Workday Inc. (Nasdaq: WDAY) -3.5%
Netflix Inc. (Nasdaq: NFLX) -3.1%
American Express Co. (NYSE: AXP) +2.1%
Today’s Big Losers:
(as of 3:15 p.m. EST)
Walgreens Boots Alliance Inc. (Nasdaq: WBA) -5.7%
Marathon Oil Corp. (NYSE: MRO) -4.2%
Devon Energy Corp. (NYSE: DVN) -3.5%
Dollar Tree Inc. (Nasdaq: DLTR) -1.4%
Phillips 66 (NYSE: PSX) -3.2%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.