The gauge of equities finished flat to unchanged Tuesday, as US Treasury yields moved higher on a stronger-than-anticipated report on US retail sales raised the possibility the Fed might adopt a less Dovish stance.
The S&P 500 lost 0.3% Tuesday, led lower by shares of energy and technology companies, while bank earnings failed to generate much excitement. The DJIA lost 0.1%, and the NAS Comp lost 0.4%. The Russell 2000 finished flat.
US retail sales rose 0.4% in June, as households stepped up purchases of motor vehicles and a variety of other goods. The solid number comes on the back of recent data showing a strong labor market and a pickup in consumer prices.
The Fed is largely expected to cut rates by a quarter of a percentage point at its 30-31 July policy meeting, expectations for a more aggressive half a percentage point cut have been scaled back.
Tuesday, the major US stock market indexes finished at: DJIA -23.53 at 27335.63, NAS Comp -35.39 at 8222.79, S&P 500 -10.26 at 3004.04
Volume: Trade on the NYSE came in lite again at 680-M/shares exchanged
- NAS Comp +23.9% YTD
- S&P 500 +19.8% YTD
- DJIA +17.2% YTD
- Russell 2000 +15.8% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish in here.