US Stock Market Indexes Finished Flat to Little Changed
$DIA, $SPY, $QQQ, $RUTX, $VXX
Tuesday, the S&P 500 closed at a new record high for the 3rd session running.
It was a range-bound trading day, with the S&P 500 keeping between -0.1% and +0.2%, and 7 of the 11 sectors finished in the Red. The top-weighted technology sector (+0.2%) was an advancer, helping to mitigate losses from energy (-0.5%), materials (-0.4%), and consumer staples (-0.3%).
Looking at other markets
US Treasuries moved lower, sending yields higher across the curve, with the benchmark 10-yr T-Note yield climbing 4 basis points to 2.88%.
NYMEX WTI Crude Oil futures off 0.4% to 68.58/bbl, and the US Dollar (.DXY) Index slipped 0.1% to 94.62, testing its August low.
Canada came back to the NAFTA negotiating table Tuesday after the US and Mexico reached a bi-lateral trade agreement on Monday. President Trump warns that he will proceed without Canada, but US officials are optimistic that a deal can be reached by the end of the week.
Tuesday’s US economic data
- The Advance report for International Trade in Goods for July showed a deficit of $72.2-B, and the Advance report for Wholesale Inventories for July rose 0.7%.
- The Case-Shiller 20-City Index increased 6.3% in June (consensus +6.4%), and the May increase was left unrevised at 6.5%.
- The consumer confidence reading for August increased to 133.4 (consensus 126.5) from the prior month’s revised reading of 127.9 (from 127.4).
- The Key takeaway from the report is that the high confidence levels should support solid consumer spending near term, particularly since consumers have a better outlook for their short-term income prospects.
Investors will receive the 2nd estimate of Q-2 GDP, July Pending Home Sales, and the weekly MBA Mortgage Applications Index Wednesday.
Tuesday, the major US stock market indexes finished at: DJIA +14.38 at 26064.02, NAS Comp +12.14 at 8030.06, S&P 500 +0.78 at 2897.26
Volume: Trade on the NYSE came in at 617-M/shares exchanged
- NAS Comp +16.3% YTD
- Russell 2000 +12.6% YTD
- S&P 500 +8.4% YTD
- DJIA +5.4% YTD
HeffX-LTN’s Major US Stock Market Indexes Technical Analysis