TheStreet Live

Stocks moved cautiously higher as investors waited for direction from a number of market-churning events tomorrow. Top of that list is former FBI director James Comey's public testimony. He will testify on the investigation into the Trump campaign's alleged ties with Russia. Losses in crude oil picked up speed after a surprise increase in domestic crude stockpiles. Inventories rose for the first time in nine weeks, surprising analysts looking for a decrease. Novavax increased following positive results from a vaccine trial. The mid-stage clinical trial was for a maternal vaccination to prevent babies from suffering severe lower respiratory tract infections. Ambarella fell after issuing a disappointing forecast. The camera parts maker estimates current-quarter sales no higher than $72 million, missing consensus.

Stocks held losses as Wall Street waited for direction on the Trump-Russia scandal, the U.K. elections, and eurozone monetary policy. Markets have fallen for two straight days after clinching records late last week. Macy's led the retail sector lower after reducing its forecasts for full-year gross margins. Chief financial officer Karen Hoguet said at an investor day that the retailer was "doing everything it [could] to be productive." Weaker Q1 margins were tied to larger inventories. Crude oil held onto gains through the afternoon even after the EIA reduced its 2018 forecast for oil prices. The energy watchdog also nudged its U.S. production targets for next year slightly higher. HD Supply Holdings lost nearly one-fifth of its value after a disappointing first quarter. The industrial distributor also announced that it would sell its Waterworks business in a $2.5 billion deal.

Stocks were lower for their second day in a row in nervous trading ahead of a loaded back-half of the week. Thursday will be busy with U.K. citizens heading to the polls, the ECB making a policy decision, and fired FBI Director Comey delivering public testimony. The U.S. labor market ended April with just over six million job openings, a record high and far higher than analysts expected, according to the JOLTs survey. However, hiring slowed indicating employers were having a tough time filling open positions. Michaels declined after falling short of profit estimates over its first quarter and guiding for a surprise decline in sales over its second. The crafts retailer anticipates Q2 earnings no higher than 17 cents, two cents below consensus. Francesca's slumped after falling short of estimates on its top- and bottom-line over its recent quarter. Same-store sales fell by 5%, ten times the expected drop.

Wall Street couldn't extend a record-breaking streak into a third session following the weekend terror attack in London. Crude oil also dropped to begin the week. Apple held lower after kicking off its Worldwide Developers Conference. The world's largest company unveiled a new Apple Watch face powered by Siri and a new iMac Pro model, its most powerful yet. Apple also announced that Amazon Prime video would be added to Apple TV this year. WebMd rose on reports IAC was interested in an acquisition. IAC is reportedly considering purchasing the medical search engine for a roughly 7% premium to its trading levels on Friday. Mallinckrodt was one of the worst performers on the S&P 500 following a report from short-seller Citron Research. Citron accuses the company of working with Express Scripts to sell one of its hormone gels for a large mark-up.

Wall Street ended the week at records despite a May jobs number that fell short of estimates. The S&P 500, Nasdaq and Dow Jones Industrial Average closed at all-time highs for the second day in a row. Crude oil ended at a three-week low after the number of active rigs drilling for oil in the U.S. increased again. Active drilling rigs rose by 11 to 733, its 20th weekly increase in a row. Buffalo Wild Wings rose after CEO Sally Smith announced she would retire at the end of the year. Smith also withdrew herself from consideration from the board. Activist investor Marcato Capital's board nominees were elected. Delta climbed following solid metrics for May. Revenue miles increased, while load factor grew by 140 basis points. Revenue per available seat mile also rose.

Stocks added to gains on faith the Federal Reserve will move ahead with a June rate hike even after a weaker-than-expected May jobs report. Another rate hike signals confidence in the strength of the U.S. economy. All benchmark indexes were on track to close at records. Broadcom rose after swinging to a profit over its fiscal second quarter. Adjusted earnings and sales also exceeded analysts' targets. Restoration Hardware lost roughly a quarter of its value after trimming its full-year earnings outlook. The company said management was taking a cautiously optimistic approach given an uncertain macro environment. Pinnacle Foods tumbled on reports acquisition negotiations with ConAgra had broken down. The two were allegedly unable to agree on a price with Pinnacle's expectations outpacing what ConAgra was willing to pay.

Investors were fired up by a jobs report from the private payroll company ADP showing the United States added 253,000 jobs in May. That sent the major stock indexes to record highs. Wall Street is betting the ADP report is a good sign ahead of Friday's more closely watched government jobs report. Oil prices are down, however, falling below $47 a barrel. President Donald Trump did as reported and pulled the United States out of the Paris Climate Accord. Some trade experts believe the move could lead to a trade ware as some countries could slap tariffs on American products. Trump and supporters of leaving the accord, believe it gave other countries an advantage economically. There is a bright spot in the retail space. Lululemon shares jumped after earnings, revenue and sales all beat forecasts. The athletic apparel retailer also raised its full year forecast.

Wall Street secured new records on the first day of the new month. The S&P 500 and Nasdaq each secured intraday and closing records as investors grew more confident in a solid jobs report out tomorrow. Hewlett-Packard Enterprises was the worst performer on the S&P after weaker-than-expected earnings over its fiscal second quarter and disappointing guidance for its third. The tech company swung to a loss over its recent reporting period. Ford reported a surprise increase in sales over May. The automaker saw unit sales increase just 2% last month with truck sales driving the bulk of growth. It was not such a good month for General Motors , though. The rival Detroit car company reported a surprise decline of over 1% in May, surprising analysts looking for an increase of 4.3%.

Uber's first quarter loss was less than the $991 million loss reported 3 months ago. The company said it lost $708 million in the recent quarter. Also, Uber's head of finance is leaving the company in July to join another startup in San Francisco, adding to the exodus of top officials and leading some to question if the company will do an IPO. President Donald Trump will make an announcement this afternoon on the Paris Climate deal. 3 White House officials have been telling various media that he is expected to withdraw from the Accord, although they cautioned the situation may change. Under the Paris Climate Accord, 190 countries committed to cutting greenhouse gas emissions, in an effort to combat climate change. Ohio has sued 5 drug companies, alleging they contributed to the opioid epidemic by misleading people on their hazards. The companies sued at Purdue Pharma, Johnson & Johnson , Allergan , Teva and Endo International .

Stocks significantly pared losses by the end of the session, though still ended slightly lower. All indexes rose in May, though, on earnings strength at the tailend of the reporting season. Perrigo was the best performer on the S&P 500 following better-than-expected results over its first quarter. The pharmaceutical company generated earnings per share seven cents higher than anticipated. Vera Bradley also rose after posting a narrower quarterly loss than forecast, though sales did fall shy of estimates. The luxury chain also announced plans to close as many as 15 underperforming locations over fiscal 2018. Movie theater chain AMC Entertainment declined after the domestic box office endured its worst Memorial Day weekend since 1999. New debuts Baywatch and Pirates of the Caribbean failed to boost ticket sales.