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Daily Stock Market News & Commentary
Our team of analysts keeps you abreast of the latest stock market data, news, market activity, and economic reports in our daily stock market commentary (updated three times daily).
E-mini futures contracts are little changed in early trading. Dow contracts are up less than 0.1%. Contracts on the S&P 500 and NASDAQ are both down less than 0.1%.
The major averages are inching higher after posting their best monthly gain in five. Economic data is in focus with June’s personal income rising 0.4% to top estimates and personal spending advancing 0.2%, in line with forecasts. Later, investors will hear July updates on manufacturing from Markit and ISM, as well as a deluge of vehicle sales numbers.
In earnings, Diamond Offshore is rallying 7.1% to $23.50 after beating on both top and bottom lines. Similarly, strong quarterly results have Frontier Communications gaining 6.1% to $5.01. NextEra is advancing 1.7% to $106.98 on positive quarterly results. However, Tyson Foods is tumbling 8% to $40.80 on the heels of an earnings disappointment. In other news, Autodesk is climbing 2.1% to $51.62 after positive analyst commentary. Amid July vehicle sales reports, Ford is off 0.1% to $14.82, but GM is up 0.4% to $31.62.
European markets are higher at mid-session. The Euro Stoxx 600 is up 0.9%, London’s FTSE is advancing 0.1%, and Frankfurt’s DAX is rising 1.1%. Markets declined in Asia. The Nikkei lost 0.2%, and China’s Shanghai Composite Index retreated 1.1% on weak PMI readings.
Treasuries are giving up ground. The benchmark 10-year note is falling 5/32 to yield 2.20%.
Commodities are mostly lower. WTI crude is sliding 2.2% to $46.09/barrel. COMEX gold is retreating 0.5% to $1090.00/ounce. The dollar is stronger by 0.3% against the euro to $1.0950/EUR and by 0.3% against the yen to ¥124.25/USD.
Stocks remain mixed at mid-session. The Dow is off 76 points to 17612. The S&P 500 is declining 2 points to 2101. The NASDAQ is bucking the trend to climb 1 point to 5130.
The major averages are fluctuating amid economic data and earnings reports. On the data front, June’s personal spending rose 0.2% and personal income gained 0.4%. Also last month, construction spending grew 0.1%, compared to a 0.6% gain. Updates on July’s manufacturing were mixed with readings from Markit and ISM posting expansion but ISM’s gauge missed forecasts.
Six of 10 S&P 500 sectors are lower with commodity producers off the most. Despite beating on top and bottom lines, Diamond Offshore is being dragged 2.1% lower to $21.47 in sympathy with oil prices. In materials, Freeport McMoRan is down 4.3% to $11.23 on the heels of Chinese manufacturing weakness. In discretionary, Michael Kors is tumbling 6.9% to $39.08 on bearish analyst commentary ahead of upcoming earnings tallies. However, autos are a relative bright spot. Ford is up 1.4% to $15.00 and GM is gaining 0.8% to $31.75 after July auto sales topped expectations. Autodesk is jumping 4.5% to $52.83 in the tech space, attributed to positive analyst commentary.
Breadth is mixed on issues with the NYSE negative by 2-1 and the NASDAQ even. NYSE composite volume totals more than 1.3 billion shares.
Treasuries are edging higher. The 10-year note is climbing 6/32 to yield 2.16%.
Commodities are broadly lower. WTI crude is sliding 2.7% to $45.84/barrel after Iranian officials remarked on quick production ramp-ups. COMEX gold is declining 0.4% to $1090.60/ounce as the dollar strengthens 0.2% against the euro to $1.0962/EUR.
Stocks trimmed losses in late trading. The Dow fell 91 points to 17598 after being down as many as 193 points. The S&P 500 lost 5 points to 2098. The NASDAQ retreated 12 points to 5115.
The major averages fell as investors weighed economic data and earnings. In June, personal income surprisingly rose 0.4%, but personal spending gained an expected 0.2%. Manufacturing measures by Markit and ISM for July both remained expansionary, but ISM’s metric failed to meet forecasts. Overall vehicle sales for July surprised analysts as they rose 13.9 million, against calls for a 13.5 million gain.
Seven of 10 S&P 500 sectors finished lower with energy and materials down the most amid a rout in commodities. CONSOL Energy slid 7.6% to $15.26 and Diamond Offshore shrugged off positive earnings to lose 3.3% to $21.22. In materials, Freeport McMoRan declined 4.7% to $11.20. Tyson Foods plummeted 9.9% to $39.96 on dismal earnings and a lowered outlook. However, Frontier Communications rallied 9% to $5.15 on the heels of positive quarterly results and upbeat cash flow guidance. Separately, Michael Kors fell 7.8% to $38.71 on bearish analyst commentary and Apple retreated 2.4% to $118.44, 10% below its February high. Autodesk gained 5.4% to $53.30 after being added to Credit Suisse’s Focus List.
Breadth was negative on issues by 8-3 on the NSYE and 5-4 on the NASDAQ. NYSE composite volume totaled more than 3.4 billion shares.
Treasuries climbed ahead of Friday’s labor market report. The benchmark 10-year note rose 9/32 to yield 2.15%.
Commodities extended global losses. WTI crude plunged 3.6% to $45.41/barrel. COMEX gold fell 0.8% to $1085.80/ounce. In FOREX, the dollar advanced 0.3% against the euro to $1.0952/EUR and 0.1% against the yen to ¥123.98/USD.