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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening Comment — Wednesday, July 24, 2024

DJIA: 40,358.09, down 57.35
S&P 500: 5,555.74, down 8.67
NASDAQ: 17,997.35, down 10.22

Stocks lower ahead of July PMIs

Stock futures are lower on Wednesday, as investors evaluate the latest earnings releases and look forward to the initial release of July’s Purchasing Managers’ Indexes (PMIs) data. The Dow is falling 0.4%, while the S&P 500 is down 0.7%. The Nasdaq 100 is decreasing 1.1% relative to fair value on the GLOBEX.

U.S. equities were lower on Tuesday as investors assessed the earnings releases of some mega-cap tech companies, which came in below projections. June’s existing home sales decreased more than expected. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite also fell 0.1%. The S&P 500 decreased 0.2% with eight of 11 sectors finishing in negative territory. The Energy sector declined the most, falling 1.6%.

On the data front today, Mortgage Bankers Association (MBA) mortgage applications decreased 2.2% for the week ending July 19 versus the prior week’s increase of 3.9%. The preliminary reading for June’s wholesale inventories is expected to increase 0.5% month-over-month (MoM) versus the prior month’s increase of 0.6%. The preliminary reading for July’s S&P Global Manufacturing PMI is expected to register 51.6, unchanged from the prior month’s reading. Meanwhile, the preliminary reading for July’s S&P Global Services and Composite PMIs are expected to register 54.9 and 54.2, respectively, both down from the prior month’s readings of 55.3 and 54.8, respectively. June’s new home sales are projected to be an annualized 640,000, up from the prior month’s 619,000, corresponding to an increase of 3.4% MoM versus the prior month’s decrease of 11.3%. Department of Energy (DOE) crude oil inventories are anticipated to decrease by 2.8 million barrels for the week ending July 19 versus the prior week’s decrease of 4.8 million barrels.

Across the pond, European stocks are mostly lower in mid-day trading following the initial reading for the eurozone’s July manufacturing, services, and composite PMIs all unexpectedly decreasing. Meanwhile, the first reading for the U.K.’s July manufacturing PMI increased more than expected, while the country’s services PMI increased slightly less than expected.

Overnight in Asia, stocks were lower with the first reading for Japan’s July manufacturing PMI decreasing into contractionary territory, while the country’s services PMI increased into expansionary territory. India’s preliminary manufacturing, services, and composite PMIs increased in July.

In FOREX trading, the dollar is slightly lower ahead of the U.S.’s July PMI data.

Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.8% higher at $77.55/barrel following expectations of a decline in U.S. crude oil inventories. Investors are also evaluating a possible ceasefire in the Middle East.

In the metals complex, gold is 0.3% higher at $2413.20/ounce following a weakening dollar.

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