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Cannabis stocks moved up Wednesday after the U.S. Senate Committee on Banking, Housing and Urban Affairs approved the Secure and Fair Enforcement Regulation Banking Act, now known as the SAFER Banking Act of 2023. The bill to open up the financial system to legal cannabis companies now heads to the full Senate for a vote after earlier versions of it were initially introduced on Capitol Hill a decade ago. It has been approved by the U.S. House of Representatives seven times and has yet to go to the full Senate for a vote. The AdvisorShares Pure US Cannabis ETF MSOS was up 6% in trades shortly after the vote. The ETFMG Alternative Harvest ETF MJ was up by 3.2%. Among individual cannabis names, Curaleaf Holdings Inc. CURLF was up by 5.4%, Green Thumb Industries Inc. GTBIF was up by 1%, Cresco Labs Inc. CRLBF was up by 1%, Trulieve Cannabis Corp. TCNNF was up by 1%, Tilray Brands Inc. TLRY was up by 2.1%, Canopy Growth Corp. CGC was up by 5.1% and Verano Holdings Corp. VRNOF was up by 3.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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U.S. stocks ended mostly higher on Wednesday in a choppy session that saw major equity gauges swing between gains and losses. The Dow Jones Industrial Average DJIA ended 68 points lower, or 0.2%, finishing near 33,550, according to preliminary FactSet data. The S&P 500 index SPX eked out a less than 0.1% gain, even though its energy segment rose 2.5%, while the Nasdaq Composite Index COMP gained 0.2%. Stocks have been under pressure as Treasury yields punch higher and investors gauge if the Federal Reserve will make good on its revised forecast to keep interest rates higher for longer than earlier anticipated. The 10-year Treasury yield BX:TMUBMUSD10Y rose 6.7 basis points to 4.625%, the highest since October 2007, while the 30-year Treasury yield BX:TMUBMUSD30Y climbed to 4.731%, putting long Treasury bonds closer to the 5% mark. Short-term Treasury bills have been at 5% yields for some time. Oil prices also continued to march toward $100 a barrel, with U.S. crude futures CL00 settling at $93.68 a barrel.
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Shares of Clorox Co. CLX are on pace for their longest losing streak since 2009, after the cleaning-products maker this month said the fallout from a cybersecurity attack would have a "material" impact on first-quarter results. Shares were down 0.5% on Wednesday. The stock has been down for nine straight days. That compares to the 10 straight trading days of declines it notched on May 14, 2009. Clorox last month said that it had identified the attack, after which the company took some systems offline. The company then began "manual ordering and processing procedures shortly thereafter at a reduced rate of operations," according to a filing on Sept. 18. "Product availability issues" followed, the company said, adding that it "now believes the impact will be material on Q1 financial results." Clorox said it believed it had contained the attack and said its manufacturing sites were largely back online, but said longer-term impacts were difficult to predict.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Exxon Mobil Corp. XOM rallied 3.3% on Wednesday to close at a record $120.20, according to data going back to November 1972. It also marked a fourth straight session of gains for the stock. The Energy Information Administration earlier Wednesday said U.S. crude inventories fell 2.2 million barrels last week, in line with market expectations, and the U.S. crude futures benchmark rose nearly 4%. "Oil prices have rallied strongly on the back of supply restrictions," with ongoing concerns about the economy a counter-risk to rising prices, analysts at Oanda said in a recent report.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Cannabis stocks moved up Wednesday after the U.S. Senate Committee on Banking, Housing and Urban Affairs approved the Secure and Fair Enforcement Regulation Banking Act, now known as the SAFER Banking Act of 2023.
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Shares of H.B. Fuller Co. FUL fell after hours on Wednesday after the adhesives maker said "generally slower industrial demand" weighed on its third-quarter results and full-year forecast. The company — whose adhesives and sealants are used in food containers, medical products, shoes, automobiles and an array of other products — said it expected full-year adjusted earnings per share to be $3.80 to $3.90, compared with a forecast in June for $3.80 to $4.20. It also said it expected revenue of $3.5 billion to $3.55 billion, on "lower volume expectations due to customer destocking actions and slower than anticipated underlying demand conditions." Shares fell 1% after hours. The company reported net income of $37.6 million, or 67 cents a share, compared with $46.5 million, or 84 cents a share, in the same quarter last year. Revenue fell to $900.6 million from $941.2 million in the prior-year quarter. Adjusted earnings per share were $1.06. Analysts polled by FactSet expected adjusted earnings of $1.14 a share and $954 million in sales.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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