U.S. equities continue to consolidate in shallow negative territory
U.S. equities continue to consolidate in shallow negative territory amid various cross-currents on an otherwise fairly quiet Friday ahead of the long holiday weekend. The major blue chip indices are 0.15%-0.30% lower paced by the Dow, while the NASDAQ is mostly flat. Europe closed above its worst levels, with the Euro Stoxx 50 back to -0.07% from -0.57% at the NY open, while the UK FTSE rose 0.3% thanks to the spurned $143 B Kraft Heinz bid for Unilever, which stirred animal spirits for a bit and is apparently helping prop up the NASDAQ via Kraft. Within the Dow UnitedHealth was savaged nearly 4% lower after the DoJ joined a whistle blower suit against the firm for Medicare billing fraud. Disney -0.9% and Chevron -0.9% also fell as crude oil eased back to the $53 bbl area, while Boeing rallied 1.0% into its visitation by Trump. Financial shares also suffered some profit-taking into the long weekend. An AP report that 100k National Guard troops might be used to round up "illegals" was shot down by the Trump Team, but a man reportedly was preparing to bomb several Target stores on the E. coast in order to by their stock cheap. Fake news or real?