The S&P broke its five day winning streak as President Donald Trump threatened to raise tariffs on Chinese goods further if the leader of the Asian nation does not choose to hold a meeting at the upcoming Group of 20 summit. The Chinese tensions remain, though the president's top economic adviser downplayed their impact, claiming that 3% growth in the American economy this year is not contingent on any deal with China.
ECONOMIC EVENTS: In the U.S., the Producer Prices Index for May tracked estimates with gains of 0.1% for the headline PPI and 0.2% for the core. Meanwhile, White House economic adviser Larry Kudlow said on CNBC that the U.S. economy remains "very strong" and that he expects to maintain 3% growth this year. Kudlow also said that the trade deal with China was 90% finished before Beijing reneged, noting that 3% growth is not contingent on any deal with China.
TOP NEWS: Last night, Shutterfly (SFLY) announced that funds managed by affiliates of Apollo Global Management (APO) will acquire the photo products company for $51 per share in cash, or an enterprise value of approximately $2.7B. As part of the deal, Apollo Funds entered into a definitive agreement to combine Snapfish with Shutterfly.
Shares of GrubHub (GRUB) rose 8.3%following a report that Amazon (AMZN) is shutting down its restaurant delivery service in the U.S. Amazon is shuttering Amazon Restaurants in the U.S., as well as Daily Dish, as of June 24, the company confirmed in a statement provided to GeekWire.
Meanwhile, New York Attorney General Letitia James and California Attorney General Xavier Becerra announced that they have filed a multi-state lawsuit, along with either other state AGs, to block the proposed merger of T-Mobile (TMUS) and Sprint (S). The complaint claims that the deal would "deprive consumers of the benefits of competition and drive up prices for cellphone services."
Additionally, the New York Post reported that U.S. District Judge Richard Leon seems to be close to blocking CVS Health's (CVS) proposed $69B acquisition of Aetna. Sources told the Post that the judge appears to be setting the stage to reject the tie-up on concerns that it could raise prices and harm choices for consumers.
MAJOR MOVERS: Among the noteworthy gainers was Jaguar Health (JAGX), which surged 35.9% after announcing that its human-health subsidiary Napo will receive preclinical services from the National Institute of Allergy and Infectious Diseases to support the development of lechlemer, Napo's drug product candidate for a cholera indication. Also higher were Chico's (CHS) and Casey's General Stores (CASY), which gained a respective 8.2% and 10% after reporting quarterly results.
Among the notable losers was CymaBay (CBAY), which plunged 45.4% after announcing 12-week topline results from an ongoing 52-week Phase 2b study of seladelpar for the treatment of nonalcoholic steatohepatitis. Also lower was Beyond Meat (BYND), which fell 25% after JPMorgan analyst Ken Goldman downgraded shares to Neutral from Overweight.
INDEXES: The Dow fell 14.17, or 0.05%, to 26,048.51, the Nasdaq lost 0.60, or 0.008%, to 7,822.57, and the S&P 500 declined 1.01, or 0.03%, to 2,885.72.