Brexit negotiations complicated by election results

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The markets traded mixed during the midday with the Dow climbing 98 points to 21,281 while Nasdaq dropped 26 points to 6,295.


In a surprise upset, British Prime Minister Theresa May's Conservative Party lost its majority in the House of Commons. May had called for a snap election to strengthen her party's majority ahead of Brexit negotiations. Now, she must form a coalition government to lead the complex discussions to exit the European Union.


A World Trade Organization panel ruled that illegal subsidies that Boeing received from the U.S. government did not damage European Union interests. Meanwhile, the U.S. International Trade Commission voted to continue its investigation into complaints by Boeing that Bombardier received millions in subsidies then sold its jets at steep discounts in the U.S. Significant duties may be imposed by the U.S. on the Canadian aerospace company if the ITC finds that Boeing suffered from sales of CSeries jets.


The nation's wholesale inventories fell by a more than expected 0.5% in April on the heels of a 0.1% increase in March. The drop was the largest in more than a year. Petroleum inventories tumbled 5.0% while paper inventories dropped 1.8% and automotive inventories fell 1.4%.


The broader S&P 500 gained 7 points to 2,440. Bitcoin climbed $65 to $2799.


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