Stocks opened higher with the early strength attributed to reports that German carmakers were pushing their government to make concessions to keep the U.S. from enacting its threatened import tariffs. The buyers emerged and pushed the Dow to triple digit gains and the Nasdaq to an advance of more than 1%. Oil fell about 1.5% to close just below the $73 a barrel mark after a report from the DOE showed a larger than expected weekly build in crude supplies and following President Trump tweeting to urge OPEC to take actions to help lower prices. ECONOMIC EVENTS: In the U.S., ADP reported private payrolls increased 177,000 in June, which was below expectations for 190,000 private job additions. Initial jobless claims rose 3,000 to 231,000 in the week ended June 30. Markit's services index fell 0.3 points to 56.5 in the final June print. ISM services index edged up 0.5 points to 59.1 in June, which was better than expected. The Federal Reserve released minutes from its last rate-setting meeting, which stated that a number of FOMC members noted that it might soon be appropriate to modify the language in the postmeeting statement indicating that "the stance of monetary policy remains accommodative." The minutes also said that "most" participants noted that uncertainty and risks associated with trade policy had intensified and were concerned this could eventually have negative effects on business sentiment and investment spending. COMPANY NEWS: Micron (MU) advanced 2.6% after the company said the products affected by a preliminary injunction against its Chinese subsidiaries make up slightly more than 1% of the company's annualized revenues. The memory chip maker, which said it will comply with the ruling while requesting the court to reconsider or stay its decision, continues to expect fiscal fourth quarter revenue within its previously guided range of $8B to $8.4B... Boeing (BA) will take a controlling stake in the commercial aircraft unit of Brazil's Embraer (ERJ) as part of a new joint venture agreement. The JV deal values Boeing's 80% ownership stake in the venture at $3.8B and Embraer's total commercial aircraft operations at $4.75B, the companies said. Following the JV announcement, Boeing shares were little changed for the day, while Embraer shares trading in New York finished the day about 10% lower... Barnes & Noble (BKS) announced the termination of its CEO, Demos Parneros, for unspecified violations of the company's policies. While the company gave little detail on the nature of the violations, it did say they were not due to any disagreement over financial reporting or any potential fraud. Meanwhile, The Wall Street Journal reported that two pilots and former employees have filed lawsuits alleging sexual harassment against National Beverage (FIZZ) Chairman and CEO Nick Caporella. In response, National Beverage and Caporella stated that they "completely and unequivocally deny the allegations," which they say were lifted from employment-related lawsuits filed by two former associates. MAJOR MOVERS: Among the notable gainers was Fiat Chrysler (FCAU), which gained 6% after Jefferies upgraded the stock to Buy and following a report from the Financial Times that European officials are considering holding talks on a tariff-cutting deal to prevent an all-out trade war with the U.S. Among the noteworthy losers was Acuity Brands (AYI), which fell 4.5% to give back some of the gains the stock had seen on Tuesday following the company's Q3 earnings report. Also lower was TiVo (TIVO), which declined 4% after CEO Enrique Rodriguez resigned to assume a position as CTO at Liberty Global (LBTYA) in Europe. INDEXES: The Dow rose 181.92, or 0.75%, to 24,356.74, the Nasdaq gained 83.75, or 1.12%, to 7,586.43, and the S&P 500 advanced 23.39, or 0.86%, to 2,736.61.
