Wall Street indexes fall; Nasdaq leads losses
Materials is weakest S&P 500 sector; energy leads gainers
Dollar down; bitcoin off >1% gold gains; crude up >3.5%%
US 10-Year Treasury yield falls to ~4.43%
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BUYBACKS LIKELY HELPED IN STOCKS' RECENT RECOVERY
Corporate buybacks were likely among the catalysts that helped the U.S. stock market recover from the April lows, writes Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, North Carolina.
S&P 500 companies have a significant amount of stock to repurchase, and they were active in executing those programs in the first quarter, he says in a recent note.
Buybacks tend to boost stock prices because they reduce the number of shares outstanding.
In aggregate, announced buyback programs among S&P 500 .SPX constituents hit roughly $750 billion year-to-date as of June 5, he writes, noting that "this is well ahead of the total authorized repurchase value reached as of early June during prior years."
For example, he writes, by early June 2023 and 2024, companies had only authorized around $600 billion in buybacks.
He says that the bulk of stock repurchase announcements this year were from a few sectors, with $210 billion from communication services, $200 billion from financials and $196 billion from technology.
(Caroline Valetkevitch)
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EARLIER ON LIVE MARKETS:
BOFA CLIENTS PREFERRING DOMESTICALLY ORIENTED SECTORS VS GLOBALLY EXPOSED GROUPS CLICK HERE
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WALL STREET NEARING RECORDS; TRUMP SAYS US-CHINA DEAL DONE CLICK HERE
IF NOT SWEET, DOGE SPENDING CUT IMPACT LIKELY TO BE SHORT CLICK HERE
SEAS OF CONTENTION: THE NEXT FRONT IN THE US-CHINA TRADE CONFLICT ISN'T ON LAND CLICK HEREUS STOCK FUTURES RISE, YIELDS SLUMP, AFTER COOLER-THAN-EXPECTED CPI CLICK HERE
CITI'S POSITIVE VIEW ON EUROPE TURNS MORE STRUCTURAL CLICK HERE
AND CPI MATTERS AGAIN, HOW 2024 CLICK HERE
EUROPE'S SMALL CAPS LEADING THE RECOVERY CLICK HERE
INDITEX DRAGS ON RETAIL, BRITISH HOMEBUILDERS GOING UP CLICK HERE
EUROPE BEFORE THE BELL: STOCKS SHRUG OFF HEFTY NEWS FLOW CLICK HERE
MORNING BID: SO, IT'S A FRAMEWORK FOR A DEAL, MAYBE? CLICK HERE
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