Wall Street shares close lower
Banks and energy stocks hit
US crude falls
ExxonMobil board defeated by shareholders
US stocks closed lower as global markets were uninspired.
The Dow Jones closed 20 lower at 21,008; the S&P 500 shed 1.11 at 2,411 and the Nasdaq was 4.67 off at 6,198.
US crude recouped some earlier losses, to stand at 1.99% down at US$48.67 a barrel at the time of writing.
In Toronto, the TSX lost over 22 points at 15,349.
In London, FTSE 100 closed down around 6 at 7,519.
MID-SESSION
US shares were lower at mid-session, with the Dow Jones down 33 at 10,995.
The Nasdaq shed 13 to 6,189 and the S&P500 lost 3.62 at 2,409.
The price of crude - West Texas Intermediate - dropped over 3.% to US$48.14 a barrel.
Chevron Corp (NYSE:CHK) shed 0.59% to $103.45, while Exxon (NYSE:XOM) lost 0.60%.
Retailer Michael Kors (NYSE:KORS) alos lost ground - down 8.63% to $210.50.
The group said it plans to close more than 100 of its full-price retail stores in the next two years as it swung to a fourth quarter loss.
The retailer of clothes, handbags, shoes and fashion accessories expects the closures will save them about US$60mln a year as it struggles to turn around its brand following slowing sales.
The fashion label reported a net attributable loss of US$26.8mln, or 17 cents per share, in the last quarter ended 1 April, compared with net income of US$177mln, or 98 cents per share, a year earlier.
Vera Bradley Inc (NASDAQ:VRA) shares rose over 7% after it posted a better than expected first quarter loss.
Goldman Sachs (NYSE:GS) joined other banks on the downward path, with shares shedding 3.63% to $210.50.
1pm - ExxonMobil sharesholders win
ExxonMobil’s shareholders today defeated the energy titan and forced the firm to assess the financial risks of tackling climate change.
Reportedly, almost two thirds at the meeting voted in favour of a motion asking the company to report on how its business will be affected by worldwide efforts to reduce carbon emissions.
Exxon's CEO predicts crude demand will survive Paris-driven carbon limits https://t.co/ln1eWVdhGf pic.twitter.com/TFiPRQUZU0
— Bloomberg (@business) 31 May 2017
OPEN
Wall Street shares started lower, as forecast, with traders shunning risk as home sales data came in weak and the crude price sank.
Non-new home sales in the US fell for a second straight month in April amid a supply squeeze, it was reported.
The data from the Pending Home Sales Index, based on contracts signed last month, dropped 1.3% to 109.8, compared to analysts' forecasts for a 0.5% gain.
The Dow Jones is down 61 at 20, 968 at the time of writing; the S&P 500 shed 6.38 at 2,404, while the Nasdaq is down over 28 at 6,174.
In Toronto the, TSX is 79 lower at 15,292 and the TSX Venture shed 2.52 at 802.44.
US crude is down over 3% to stand at $48.16 a barrel.
Big oil groups took a hit. Halliburton (NYSE:HAL) slumped or 1.1%, to $44.65 and ConocoPhillips (NYSES:COP) fell 0.2% to $44.70 each.
PREVIEW...
Wall Street shares are seen opening higher today as London stocks make gains but crude continues to slip.
The Dow futures are 22 ahead; S&P 500 is over three points higher and the tech heavy Nasdaq, which made gains yesterday despite the tide, before closing lower, is up over 15 points.
On Tuesday, the benchmark Dow Jones finished 50 points down at 21,029. The S&P500 shed 2.91 at 2,412. The Nasdaq closed seven points lower, at 6,203.
It comes as a suicide blast kills 80 people, with over 300 injured in the Afghan capital of Kabul. There has been no immediate claim of responsibility for the explosion. Yesterday, the US successfully shot down a ballistic missile in a test as tensions continue with North Korea.
Today, sees the much flagged ExxonMobil (NYSE:XOM) annual shareholder meet, in which climate change will top proceedings
There is a proposal that means the firm will have to stress test its assets for risks posed by curbs on carbon emissions and new technology like electric cars.
READ - Exxon Mobil to face revolt on climate change and executive pay at annual meeting
The Wall Street Journal reported last week that heavyweight investment groups BlackRock Inc and Vanguard Group are both backing a vote in favour of a proposal that would push Exxon to disclose climate-change risk - a move, which the US firm opposes.
Other big shareholders are also reported to be urging Exxon to act on climate issues.
In other company news, retailer Michael Kors (NYSE:KORS) and Vera Bradley (NYSE: VRA) are due to report earnings before the bell.
On the data front, housing stats are due this morning, and notably, Canada's GDP (gross domestic product) data is expected at 8:30 and, and later an inflation report from Mexico's central bank.
US crude is down 2,22% to $48.56 a barrel at the time of writing.