US stocks finish higher
West Texas Intermediate plunges
Big oil firms slip
US stocks finished higher, bolstered by retailers and tech groups.
The Dow Jones closed up over 70 at 21,082, while the S&P500 added around ten at 2,415.
The Nasdaq added over 42 points to stand at 6,205.
In Toronto, the TSX index fell almost nine points at 15,410.
US crude lost 4.95% to stand at $48.82 a barrel as the market lost momentum after the OPEC deal, sending big oil firms lower.
Transocean Ltd (NYSE: RIG) slipped over 7.5% at $9.65 while Chesapeake Energy Corp (NYSE: CHK) lost 6.67% to $5.18.
MID-SESSION.
US shares went higher at mid-session but crude tanked as the OPEC agreement fell short of what many hoped.
The Dow Jones is up 82 at 21,094; the S&P500 added 12.8 to 2,417, while the tech heavy Nasdaq is up 53 at the time of writing, to 6,216.
The US dollar weakened against the Euro and pound sterling, down 0.17% and 0.28% respectively.
US crude spot - West Texas Intermediate - is down 4.81% to $48.87.
Neil Wilson, market analyst at ETX Capital said: "OPEC members had a chance today but bottled it. A nine-month extension just isn’t enough to really lift oil prices as we’ll continue to see US shale fill the gap. Having said they’d do whatever it takes, OPEC is looking a bit toothless now."
He suggests the organisation is simply tinkering at the margins by curbing production by around 1.8mln barrels per day along with several non-OPEC members.
"It also looks like no new non-OPEC members are joining the curbs, which would have helped."
In companies, BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) surged over 30% to $6.68 in New York as it reported additional results from a second interim analysis of a phase II clinical trial.
READ - Biocryst Pharmaceuticals shares swell on positive clinical trial findings
Retailers were also doing well, with Sears Holdings Corp (NYSE:SHLD) among them. Its shares added almost 10% to $8.21 as its first quarter numbers cheered.
OPEN...
Retailers are giving US shares a lift on Thursday, with Best Buy Co Inc (NYSE:BBY) shooting up over 15%.
It came as the electronics group reported an unexpected rise in first-quarter like-for-like sales, boosted by demand for gaming and mobile products, notably Nintendo Co.’s new Switch game console .
Shares on S&P 500 added 25.37% to $58.16.
Meanwhile, the S&P itself was up over seven points at 2,411 and the Nasdaq gained over 23 at 6,186.
The benchmark Dow Jones Industrial index added over 63 at 21,075.
In Toronto, the TSX is up over 61 points to stand at 15,481.
In other retail results news, Sears Holdings Corp (NASDAQ: SHLD) raced up almost 24% to $9.25.
California based homeware and kitchen firm Williams-Sonoma Inc (NYSE: WSM) gained almost 4% to $51.58 and PVH (NYSE:PVH), which owns brands like Calvin Klein added 4.65% to $106.76.
Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM) were both down around 0.06% after the OPEC meeting extension news.
PREVIEW...
US stocks are poised to go higher as crude falls as OPEC agreed an output cut but did not go as far as some had predicted.
The much flagged meeting in Vienna saw the globe's biggest exporters agree a nine month extension to the previous cut, which was made in a bid to lift stagnant oil prices.
But some commentators had thought it would go beyond the nine months, US crude spot is down almost 2% at the time of writing and energy stocks are likely to get dented today.
On Wall Street yesterday, stocks hit new highs, with the Dow Jones adding 74 points to finish at 21, 012, while the S&P500 gained almost six at 2,404. The Nasdaq exchange added 24 to stand at 6,136.
Not everyone is impressed by OPEC's decision to extend cuts. The price of oil has fallen https://t.co/o6NVtlOHp7 pic.twitter.com/zFDzttVGiy
— Bloomberg (@business) May 25, 2017
In futures Thursday, the Dow is trading 71 points higher, the S&P500 is almost seven up and the technology heavy Nasdaq exchange is 20 points to the good. In London, FTSE 100 is down 1.9 at 7,512.
Retail earnings are in focus once more for investors, with Sears Holdings (NASDAQ: SHLD) scheduled to post earnings this morning.
In March, shares took a beating as it warned over its future if its latest turnaround plan falters.
A 10-k document filed included a going concern notice, even though it added its revival strategy unveiled in February to cut stores and reduce staff would be sufficient for a year at least.
Abercrombie & Fitch (NYSE: ANF) are also due to release earnings. The firm is in the midst of selling itself, and Signet Jewelers (NYSE: SIG).
Electronics and home goods giant Best Buy (NYSE: BBY), whose shares have jumped 19% this year, is also reporting before the bell.
On the macro front, there are initial jobless claim data at 8:30 am, while US trade balance data will come out at the same time.