The S&P 500 & DJIA Hit Record Highs, Then Faded a Bit

The S&P 500 & DJIA Hit Record Highs, Then Faded a Bit

The S&P 500 & DJIA Hit Record Highs, Then Faded a Bit

$DIA, $SPY, $QQQ, $VXX

Tuesday, the DJIA and the S&P posted small losses after posting new records as support from technology stocks offset weakness in the healthcare and materials sectors.

Apple (NASDAQ:AAPL) pared gains after rising as much as 1.91% to an all-time high and provided the biggest boost to all 3 major US stock indexes, while healthcare stocks such as Johnson & Johnson (NYSE:JNJ) were the biggest weight on the S&P.

Japan said Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang’s continues missile and nuclear tests in defiance of UN sanctions.

Investors did not seem to ignored it after President Trump’s message of Fire & Fury, and tapping record highs on the DJIA and S&P 500 earlier.

Tuesday the US major stock market indexes finished at: DJIA -33.08 at 22085.34, NAS Comp  -13.31 at 6370.44, S&P 500 -5.99 at 2474.88

Volume: Trade on the NYSE came in at: 772-M/shares exchanged

Breadth: Declining issues outnumbered advancers on the NYSE by a 1.14-to-1 ratio; on the NAS, a 1.11-to-1 ratio favored advancers.

Tuesday’s slight decline ended the long string of straight daily gainers, it was the Blue Chip index’s longest streak since February 2017 driven by a strong quarterly earnings season.

  • NAS Comp +18.3% YTD
  • DJIA +11.8% YTD
  • S&P 500 +10.6% YTD
  • Russell 2000 +3.9% YTD

Q-2 earnings have been stronger than expected with analysts now expecting S&P 500 earnings to have expanded 11.8%, up from 8% at the start of July, according to Thomson Reuters I/B/E/S.

The metals saw mixed results.

  • Dec Gold lost 2.00 to 1262.50 oz
  • Sept Silver dropped 0.14 to 16.39 oz
  • Sept Copper gained 0.03 to finish at 2.94 lb

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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