STOCKS RISE: Here’s what you need to know

All three major indexes finished in the green for the day, with the Dow Jones industrial average leading the way.

Nike lead the way for the Dow after reporting strong earnings on Thursday, jumping over 10% in trading.

As a reminder, the stock market will be open on Monday until 1 p.m. ET and closed Tuesday for the July 4 holiday.

We’ve got all the headlines, but first, the scoreboard:

  • Dow: 21,401.30, +114.27, (+0.51%)
  • S&P 500: 2,427.00, +7.30, (+0.32%)
  • Nasdaq: 6,148.25, +3.90, (+0.07%)
  • US 10-year yield: 2.302%, (+0.035)
  1. Trump is considering a 20% tariff on imported steel. The move, reported by Axios, is being considered by Trump along with tariffs on other goods like semiconductors and household appliances. While the tariff is directed primarily at China, White House officials have warned Trump it would likely also impact allies like Germany, Japan, and Canada.
  2. The Securities and Exchange Commission will allow companies to file IPOs secretly. This would allow all public companies to file confidential draft registration statements prior to initial public offerings, in a move designed to revitalize the IPO market. The new rule will take effect from July 10
  3. Warren Buffett is now Bank of America’s largest shareholder. The investing legend converted his preferred stock into common shares of the bank, netting $US12 billion in the process. Buffett is now the largest shareholder of both Bank of America and Wells Fargo.
  4. The oil rig count declined for the first time in 24 weeks. The oil-rig count fell by two to 756, oilfield-services giant Baker Hughes said in its weekly report on Friday, ending the record streak of increases.
  5. Blue Apron fell below its IPO price. Shares of the food delivery company fell below its IPO price of $US10 a share on Friday. The company’s original price range for the IPO was $US15 ro $US17 a share.
  6. Senate Republicans still don’t have a healthcare deal. Senate Republicans headed home for a week-long recess without coming to an agreement on their bill, named the Better Care Reconciliation Act. This represents another delay for the Trump agenda.


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