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June 23, 2021, 5:03 p.m. EDT

Dow and S&P 500 finish slightly lower, but Nasdaq books 16th record close of year

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By Joy Wiltermuth and Mark DeCambre

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The economic front was mixed Wednesday, with a reading of the U.S. current-account deficit climbing 11.7% to $195.7 billion in the first three months of 2021.

The IHS Markit U.S. flash manufacturing purchasing managers index rose to 62.6 in June from 62.1 in May, while the U.S. flash services PMI fell to 64.8 in June from 70.4 in the prior month. The flash U.S. Composite PMI Output Index posted 63.9 in June, down from 68.7 in May , but nonetheless signaled a historically elevated rate of expansion in output across the private sector.

Moderations in activity growth were seen in both the manufacturingand service sectors, with goods producers hampered in particular by significant supplier delays and both sectors reporting difficulties finding staff, Chris Williamson, chief business economist at IHS Markit, said.

In Europe, IHS Markit reported its flash eurozone composite PMI increased from 57.1 in May to 59.2 in June, its highest since June 2006, indicating a third successive month of accelerating output growth as the economy continued to open up from COVID-19 related restrictions.

Back in the U.S., new home sales fell 5.9% to a seasonally adjusted annual rate of 769,000 units last month, the lowest level since May 2020, the Commerce Department said on Wednesday.

Shares of housing giants Fannie Mae /zigman2/quotes/208846331/delayed FNMA -0.78% and Freddie Mac /zigman2/quotes/202741363/delayed FMCC -2.11% tumbled more than 32% Wednesday after the Supreme Court rebuffed traders’ payout hopes around dividends routed to the U.S. Treasury Department over roughly the past decade. The structure of their regulator, the Federal Housing Finance Agency, also was deemed unconstitutional, which paved the way for President Joe Biden to replace Trump-era appointee Mark Calabria .

Investors after the close will hear from Boston Fed President Eric Rosengren, who is delivering remarks at an event at 4:30 p.m.

Which companies were in focus?

  • Southwest Airlines Co.  LUV  said Wednesday that Robert Jordan w ill succeed Gary Kelly as chief executive, effective Feb. 1, 2022. Its shares fell 1%.

  • Embark Trucks Inc. , a maker of self-driving technology for the trucking industry, said Wednesday it is going public via a merger with special-purpose acquisition corporation Norther Genesis Acquisition Corp. II  NGAB , in a deal with a pro forma implied enterprise value of about $4.55 billion.

  • Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -0.74% said it planned Wednesday to announce commitments to buy 1.5 gigawatts of production capacity from 14 new solar and wind plants around the world as part of its push to purchase enough renewable energy to cover all of the company’s activities by 2025. Its stock fell 0.1%.

  • Sonoco Products Co. /zigman2/quotes/201691559/composite SON -1.92% said Wednesday that it would will raise the price of all paperboard tubes and cores by at least 6% , effective with shipments in the U.S. and Canada on or after July 26. Shares slumped 0.7%.

  • EverCommerce Inc. /zigman2/quotes/227704031/composite EVCM -10.35% set terms of its initial public offering, as the Colorado-based provider of software-as-a-service for small- and medium-size service-based businesses aims to raise up to $344.1 million and be valued at up to $3.46 billion. The company is offering 19.12 million shares in the IPO, which is expected to price between $16 and $18 a share. The stock is expected to list on the Nasdaq under the ticker symbol “EVCM.” 

  • Sprinklr Inc.’CXM,  jumped 10% on its debut , following a downsized initial public offering that priced below the expected range, lowering what  the customer-experience software company  raised to $266 million from a previous expectation of up to $380 million. 

How did other assets fare?

  • The yield on the 10-year U.S. Treasury note  TMUBMUSD10Y,  turned higher Wednesday to around 1.486% from 1.471% on Tuesday. Yields and debt prices move inversely to each other.

  • The ICE U.S. Dollar Index  DXY , a measure of the currency against a basket of six major rivals, was up 0.1%.

  • U.S. oil futures finished higher, with West Texas Intermediate crude for August delivery  CL00 up 0.3%, settling at $73.08 a barrel, after U.S. crude-oil inventories declined for a 5th week in a row.

  • Gold futures  GC00 rose 0.3% to settle at $1,783.40 an ounce.

  • In European equity trading, the pan-continental Stoxx Europe 600  SXXP closed down 0.7% and London’s FTSE 100  UKX lost 0.2%.

  • In Asia, the Shanghai Composite  SHCOMP finished 0.3% higher, the Hang Seng Index  HSI  rallied by 1.8% in Hong Kong, and Japan’s Nikkei 225  NIK fell less than 0.1% lower.

William Watts contributed reporting

/zigman2/quotes/208846331/delayed
US : U.S.: OTC
$ 0.95
-0.0074 -0.78%
Volume: 3.07M
Sept. 17, 2021 3:59p
P/E Ratio
73.26
Dividend Yield
N/A
Market Cap
$1.09 billion
Rev. per Employee
$14.21M
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/zigman2/quotes/202741363/delayed
US : U.S.: OTC
$ 0.91
-0.02 -2.11%
Volume: 2.83M
Sept. 17, 2021 3:59p
P/E Ratio
3.41
Dividend Yield
N/A
Market Cap
$591.55 million
Rev. per Employee
$9.94M
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,462.52
-25.72 -0.74%
Volume: 4.62M
Sept. 17, 2021 4:00p
P/E Ratio
60.35
Dividend Yield
N/A
Market Cap
$1753.56 billion
Rev. per Employee
$297,430
loading...
/zigman2/quotes/201691559/composite
US : U.S.: NYSE
$ 60.19
-1.18 -1.92%
Volume: 1.76M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.99%
Market Cap
$5.92 billion
Rev. per Employee
$262,205
loading...
/zigman2/quotes/227704031/composite
US : U.S.: Nasdaq
$ 16.33
-1.89 -10.35%
Volume: 3.36M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.19 billion
Rev. per Employee
$192,871
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