Stocks opened mixed as the Nasdaq extended its all-time high while the Dow extended its recent losing streak. The Nasdaq has given up its early gains, joining the Dow and S&P in the red, as Daimler (DDAIF) became the first company of note to specifically blame the tariff fight between the U.S. and China for a lowering of its fiscal year outlook. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 3,000 to 218,000 in the week ended June 16. The Philly Fed manufacturing index dropped 14.5 points to 19.9 in June, which was below expectations. The FHFA house price index rose 0.1% to 262.5 in April. The leading economic index rose 0.2% to 109.5 in May. In Europe, the Bank of England announced that it will maintain its Bank Rate at 0.5% and make no changes to its current bond buying program. Additionally, Daimler AG issued a profit warning, blaming increased import tariffs for U.S. vehicles into the Chinese market for fewer than expected SUV sales and higher than expected costs. COMPANY NEWS: Intel (INTC) surprised the market with news that CEO Brian Krzanich has resigned after a past consensual relationship with a fellow employee violated Intel's non-fraternization policy. CFO Bob Swan was named interim CEO while the company conducts a search for a permanent replacement. Intel also said it expects to deliver a "record second quarter," with revenues of $16.9B and non-GAAP EPS of approximately 99c, both of which topped consensus forecasts. Elsewhere in the semiconductor space, Micron's (MU) quarterly sales and earnings beat expectations and the company provided better than expected August quarter guidance, sending its shares up 3%... The United States Supreme Court announced today in a 5-4 ruling on South Dakota v. Wayfair (W) that states may compel online and mail-order retailers without a physical presence in the state to collect state and local sales taxes on purchases made by residents. Following the ruling, brick-and-mortar retailers like Walmart (WMT), Target (TGT) and Costco (COST) saw their shares get a boost, while online retailers including Wayfair, Amazon (AMZN), Etsy (ETSY) and eBay (EBAY) declined. MAJOR MOVERS: Among the noteworthy gainers was Heron Therapeutics (HRTX), which surged 35% after announcing that two completed Phase 2b studies of HTX-011 both achieved their primary endpoints. Also higher was Barnes & Noble Education (BNED), which gained 18% after reporting quarterly results. Among the notable gainers was Glaukos (GKOS), which slid 10% after JPMorgan analyst Robert Marcus downgraded the stock to Neutral from Overweight, saying that the shares are unlikely to outperform amid greater competitive headwinds. Also lower was Steelcase (SCS), which fell 11% after reporting quarterly results. INDEXES: Near midday, the Dow was down 169.30, or 0.69%, to 24,488.50, the Nasdaq was down 41.70, or 0.54%, to 7,739.81, and the S&P 500 was down 13.65, or 0.49%, to 2,753.67.
