US STOCKS-Wall St partly recovers after falling on Trump Jr emails

Published 11-07-2017, 10:21 pm
Updated 11-07-2017, 10:30 pm
© Reuters.  US STOCKS-Wall St partly recovers after falling on Trump Jr emails
US500
-
DJI
-
C
-
JPM
-
WFC
-
MS
-
DX
-
ARNA
-
IXIC
-
RYMD
-
USDIDX
-
SPSY
-
SNAP
-

* Emails show Russian prosecutor offered Trump Jr. information on Clinton

* Yellen to testify later in the week

* Indexes down: Dow 0.1 pct, S&P 0.28 pct, Nasdaq 0.08 pct (Adds details)

By Ankur Banerjee and Anya George Tharakan

July 11 (Reuters) - U.S. stocks pared some of its losses on Tuesday after falling sharply as emails disclosed by President Donald Trump's eldest son cited Russian support for his father's election campaign.

Donald Trump Jr was told a Russian prosecutor was offering incriminating information about Hillary Clinton as part of Russian government support. Jr. agreed to meet with a Kremlin-linked lawyer during the campaign after being promised damaging information about Clinton, the New York Times reported on Sunday. markets were jolted by the revelation as investors assessed its impact on Trump administration's proposed policies.

"I think people are worried that it just means more political uncertainty, and sort of a continuation of the stalemate in Washington, a continuation of the delay in trying to get the Trump agenda passed through Congress," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.

The dollar index .DXY , which tracks the greenback against six major rivals, also turned negative after the news of the email. of the drop in the market could have been due to algorithmic trading, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "They look for certain words in news, so we saw this selloff."

Stocks were slightly higher in early trading ahead of Federal Reserve chief Janet Yellen's two-day testimony starting on Wednesday as the central bank prepares to unwind the massive hoard of bonds it bought to ease the financial crisis. got Yellen's testimony tomorrow, there may be a little bit of nervousness ahead of that ... the semi-annual monetary policy testimony has often been a big deal for the markets," Scott Brown, chief economist at Raymond (NS:RYMD) James in St. Petersburg, Florida.

"I think there may be some fears that she's going to come out relatively hawkish."

Investors will be looking at second-quarter earnings reports on Friday from big U.S. banks including JPMorgan Chase (NYSE:JPM) JPM.N , Wells Fargo (NYSE:WFC) WFC.N and Citigroup (NYSE:C) C.N .

Ten of the 11 major S&P 500 sectors were lower, dragged down by losses in financials .SPSY sector.

At 12:30 a.m. EDT the Dow Jones industrial average .DJI was down 22.01 points, or 0.1 percent, at 21,386.51, the S&P 500 .SPX was down 6.84 points, or 0.281779 percent, at 2,420.59 and the Nasdaq Composite .IXIC was down 4.77 points, or 0.08 percent, at 6,171.63.

Snap Inc (NYSE:SNAP) SNAP.N shares fell 5.6 percent on Tuesday, after lead underwriter Morgan Stanley (NYSE:MS) downgraded the stock and raised concerns about the social media company's ability to compete against rival Instagram. of Arena Pharmaceuticals Inc ARNA.O soar about 50 percent after the drug developer said on Monday its experimental drug for a rare but deadly lung disease met the main goal in a mid-stage study. issues outnumbered advancers on the NYSE by 1,438 to 1,336, for a 1.08-to-1 ratio on the downside. On the Nasdaq, 1,380 issues fell and 1,355 advanced for a 1.02-to-1 ratio favoring decliners.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.