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Stocks jump as Fed stress test results loom

Stocks surge for a second day as the Brexit fears take a back seat. But will the Fed's stress test results put the squeeze back on stocks? Catch The Final Round at 4 p.m. ET with Jen Rogers and Editor-in-Chief Andy Serwer.

Joe Saluzzi on the markets

IEX, also known as the Investors Exchange, has been the centerpiece of a raging debate on Wall Street—a debate involving the major exchanges and their dependence on high frequency trading. IEX is set to become a public exchange in August, but its battle to transform the markets is far from over. We discuss the implications with Joe Saluzzi, co-founder of Themis Trading LLC.

Winners and losers

Stocks on the move lower today include Alcoa as it detailed more plans of its coming spinoff, Southwestern Energy dropping as it announced plans for a big common share offering, and drugmaker Lipocine tumbling after the company revealed the FDA did not approve its oral testosterone replacement.

Stocks on the move higher with the broader market Diamond Resorts on its buyout from Apollo Global Management, Energy Transfer Equity after it terminated its merger with the Williams Companies following a court ruling in its favor, and Sony — shares of the electronics and entertainment company are rising after it boosted sales forecasts for its game division, citing the upcoming launch of its VR headset.

Looking ahead

  • In the morning we'll get initial jobless claims for week. The consensus is for 266,000 new filings.
  • We'll get some Fed speak at 2 p.m. Eastern as the St Louis Fed's James Bullard speaks at the Society of Business Economists' annual dinner in London.
  • Finally across the pond, Christie's is holding its 250th anniversary London sale, headlined by a rare Francis Bacon nude, "Version No. 2 of Lying Figure with Hypodermic Syringe." The piece is expected to fetch $30 million at auction, but will that be affected by the Brexit fallout? We shall see.