Wall Street's Top Stories At Midday - June 4, 2019

Stocks are recovering as the big name tech players that lead the market to a big down day yesterday are bouncing back to help add upside today. Also helping matters are some reassuring comments from the head of the Federal Reserve, who promises that the central bank will "act as appropriate" if recent trade fights take a bite out of U.S. economic growth.

ECONOMIC EVENTS: In the U.S., factory orders declined a smaller than expected 0.8% in April. A gain of 0.3% was reported for factory orders excluding transportation items.

In central bank news, Fed Chair Jerome Powell said in prepared conference comments that the bank is "closely monitoring" recent developments involving trade negotiations and "will act as appropriate to sustain the expansion, with a strong labor market and inflation near our symmetric 2% objective."

TOP NEWS: After shares of Alphabet (GOOGL), Facebook (FB) and Amazon (AMZN) each declined between 5% and 7% yesterday on concerns around potential antitrust investigations from the Department of Justice and FTC, shares of two of the three tech giants are bouncing back today. While Facebook is just flat near midday, Alphabet Class A shares are up 1% and Amazon is up nearly 2%. Apple (AAPL), which was also mentioned in the same reports about the DOJ and FTC division of duties for potential probes, is up 3% near noon after sliding about 1% yesterday.

Several Wall Street analysts started coverage of Uber (UBER) with Buy-equivalent ratings following a quiet period required for the underwriting firms. With the stock down from the company's recent IPO price and following mixed quarterly results last week, analysts' consensus view is that this could be a buying opportunity for investors.

MAJOR MOVERS: Among the noteworthy gainers was Continental Resources (CLR), which rose 14% after it announced an initial $1B share repurchase program. Also higher was Caleres (CAL), which gained 1% after reporting quarterly results. 

Among the notable losers was Ventas (VTR), which slid 3% after a 11M share spot secondary priced at $62.75 per share. Also lower was Box (BOX), which fell 9% after reporting quarterly results. 

INDEXES: Near midday, the Dow was up 390.72, or 1.57%, to 25,210.50, the Nasdaq was up 136.04, or 1.86%, to 7,469.06, and the S&P 500 was up 41.79, or 1.52%, to 2,786.24.

Disclosure: None

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