What's moving markets today: June 12, 2019

4:36 p.m. ET, June 12, 2019

Lululemon's sales soar, led by $128 men's pants

Lululemon's $128 ABC casual pants are a hit with men.

The upscale athletic brand said Wednesday that sales at stores open at least a year increased 16% during the first quarter of 2019 compared with a year earlier.

Lululemon's men's division revenue increased 33% during the quarter from a year ago, led by the ABC pants and different styles of shorts.

Lululemon's (LULU) stock rose 3% after trading hours. It has rallied 44% so far this year.

The upscale athletic brand unveiled a five-year growth plan earlier this year to double its men's and digital businesses.

Lululemon also plans to strike more partnerships with companies like SoulCycle, expand its bag selection, and sell deodorants, moisturizers and shampoo under a new "Selfcare" product initiative.

The company is currently testing an annual membership program in Denver and Austin.

4:43 p.m. ET, June 12, 2019

Stocks close lower for second day in a row

US stocks finished the day in the red, marking their second down day in a row after a week-long market rally came to an end.

Trade tensions are still on investors minds ahead of the G-20 meeting in Japan at which President Donald Trump is expected to meet Chinese President Xi Jinping. Should Xi not attend the summit, the United States would impose further tariffs on Chinese imports, Trump said.

Financials and energy stocks led the losses, with companies like Goldman Sachs (GS), JPMorgan (JPM) and Exxon Mobil (XOM) closing lower.

Newly IPO’d cybersecurity firm CrowdStrike (CRWD) ended 70.6% higher on its first day as a public company. The company priced at $34 a share late Tuesday.

3:26 p.m. ET, June 12, 2019

Oil settles down 4%, drops to lowest level since January

US oil futures settled today at their lowest level since January 14, according to Refinitiv.

WTI futures for July delivery settled at $51.14 a barrel, which was a 4% drop from yesterday's settlement, according to data from CME.

Oil prices are under pressure thanks to worries about excess supply. Making matters worse, US crude oil inventories rose 2.2 million barrels in the week that ended June 7, according to a report published by the Energy Information Administration.

3:13 p.m. ET, June 12, 2019

Stocks on track to close lower again as trade fears resurface

With less than an hour to go in the trading day, stocks are on track to end the day in the red.

The Dow, S&P 500 and Nasdaq Composite are all in the red and have been for nearly the whole day. Shares in the financials and energy sectors, such as Goldman Sachs (GS), JPMorgan (JPM) and Chevron (CVX), are leading losses amid declining oil prices.

Trade worries are also back on investors' minds after President Donald Trump said he was the only one holding up the trade deal with China.

Expectations for an interest rate cut in the near-term are still high, and this morning's consumer price inflation report hammered this thesis home once more. Still, there seems to be little optimism in the market today.

If stocks close lower, it would be the second down day in a row following a week-long rally.

But while blue chips are struggling today, small-cap stocks are doing better.

The Russell 2000 is up a 0.2%. Nonetheless, the Russell is still in correction, down more than 12% from the all-time closing high it hit in August last year, according to Refinitiv.

2:58 p.m. ET, June 12, 2019

Beyond Meat rallies after new Tim Hortons deal

Beyond Meat's (BYNDstock rallied 13% after Tim Hortons said it will sell the fake meat at all of its 4,000 restaurants in Canada.

The coffee chain is offering Beyond Meat's sausage patty in three breakfast sandwiches. Today's news is an expansion of a trial it was conducting of the new sandwiches in several Toronto-area locations during the last month.

The stock has soared more than 500% from its initial public offering price of $25 per share.

Read more about the deal here.

1:20 p.m. ET, June 12, 2019

Investors think a rate cut is coming. But the Fed might disappoint, strategist says

US markets are being driven higher by hopes that the Federal Reserve will cut interest rates sooner rather than later. But be prepared for the chance that the central bank could disappoint, according to Lindsey Bell, CFRA Research Investment Strategist.

Investors will hang on every word at Fed Chairman Jerome Powell's press conference following next week's policy meeting. Investors don't think it's too likely the Fed will cut rates this time, but expectations for a rate cut at next month's meeting are above 80%, according to the CME FedWatch tool.

"The options are vast, but the market is pricing in a rate cut this year," Bell told CNN's Julia Chatterley on the Markets Now live show.

But Bell said "there is a high likelihood for Powell to disappoint." She doesn't expect a rate cut at all this year. The US economy is strong enough as is, and consumer confidence is at a healthy level.

Bell also expects there could be more market volatility to come.

1:03 p.m. ET, June 12, 2019

Birchbox wants Walgreens to help it reach the everyday consumer

Subscription box business Birchbox is partnering with Walgreens (WBA) to reach the "everyday beauty consumer."

CEO Katia Beauchamp thinks the partnership will set the company apart from its growing competition.

"Sephora and Ulta [Beauty] are very focused on the way the industry has always thought, that there's a customer who loves beauty," she told CNN's Julia Chatterley on the Markets Now live show.

But Beauchamp added that about 70% of the market doesn't think that way. She said Walgreens has the customer "who's going in to run an errand and grab some beauty."

As for the future of Birchbox?

"You are always thinking about how to finance the next phase of expansion," she said.

12:03 p.m. ET, June 12, 2019

Confidence among CEOs slips again

American CEOs are growing wary.

According to Business Roundtable's "CEO Economic Outlook Index," confidence slipped 5.7 points to 89.5 for the second quarter of 2019. It's the fifth continuous quarter the metric has fallen.

The survey, which polled 127 CEOs, blames the drop on "unease about the direction of US trade policy and uncertain prospects for global growth."

JPMorgan Chase (JPM) CEO Jamie Dimon, who is also chairman of the Business Roundtable, echoed those concerns and said that it's "crucial for Congress and the Administration to work together to enact policies that will encourage inclusive growth, innovation and opportunity in the United States."

11:53 a.m. ET, June 12, 2019

CrowdStrike rallies in first trading after IPO

Cybersecurity business CrowdStrike (CRWD) celebrated its stock market debut today, and rallied about 70% in early trading.

The company priced its IPO at $34 per share Tuesday, above its intended range of $28-30.

The stock was last trading just under $60 per share — about 70% above its IPO price.