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Stocks weak following Comey testimony

Stocks (^DJI, ^GSPC, ^IXIC) are choppy, yet little changed today as the main event in Washington goes out with a thud. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.

Winners and losers

Stocks in the red today include NewLink Genetics as Genentech said it would no longer license a NewLink melanoma drug; Juno Therapeutics as BTIG downgraded shares to neutral on concerns over Juno’s immunotherapy treatment; and Urban Outfitters, with shares getting shredded after the retailer reported comparable sales were down in the high single digits, which was a bigger drop than expected.

Stocks in the green include Alibaba, as it expects fiscal 2018 revenue to grow over 45% (as a disclosure Yahoo owns a 15% stake in Alibaba); Nvidia, as UBS raised its price target citing profit opportunities from autonomous driving; and Nordstrom, with shares ripping higher after it revealed members of the Nordstrom family are exploring the possibility of taking the department story chain private.

Is Europe the top trade of 2017?

Despite all the news stateside, Europe in focus with the ECB and UK elections. European stocks have outpaced the S&P 500 year to date. Will the rally last the summer? David Lebovitz, global market strategist at J.P. Morgan Asset Management, joins us now.

Looking ahead

  • At 1 p.m. ET, we’ll get the Baker-Hughes count of oil and gas rigs in the US. Last week we saw that number jump to 916, marking the 20th week of gains.
  • And after a long battle, which still might not be over, the fiduciary rule will go into effect, requiring retirement advisers to put their clients’ interests ahead of their own profits.
  • Finally, it’s Game 4 of the NBA Finals. With Golden State leading the Cavs 3 to 0, they need just one more win to be crowned the 2017 NBA Champions.