Wednesday, 16 August 2017

Risk-On Sentiment Renewed; Wall Street awaits FOMC minutes

Posted by Anonymous at 12:43 Labels:

US equity indexes were mixed on Tuesday, with retail stocks posting strong losses in the session and limiting gains across markets.

While consumer goods, technology and utilities headed north, sectors such as energy, telecoms and consumer services pushed Wall Street’s three major benchmarks to the downside.

The Dow Jones industrial average was able to close in green territory, rising an insignificant 0.02 percent to end at 21,998.99 points, with American Express Company, Apple and Boeing leading advancers, while Home Depot, Nike and United Technologies capped gains.

The S&P 500 ended near breakeven, easing 0.05 percent to trade at 2,464.61 by the closing bell. Wynn Resorts added 6.41 percent following a Deutsche Bank’s upgrade from hold to buy as they expect further strengthening on the walk-in business in China and the VIP market.

Stocks of Advance Auto Parts plunged by an incredible 20.34 percent to 87.08 as the company reported weaker-than-expected second-quarter earnings. According to data, net income in the prior three months was of $87 million against $124.6 million a year earlier.

The tech-heavy Nasdaq composite was down 0.11 percent, with Tandem Dtes Care adding 37.27 percent to 0.76, while root9B Holdings lost 54.26 percent to 0.8690.

  • Dow Jones Industrial Average: 5.28 / 0.02% / 21998.99
  • Standard & Poor’s 500: -1.23 / -0.05% / 2464.61
  • Nasdaq Composite: -7.22 / -0.11% / 6333.01

In economic news, retail sales rose 0.6 percent in July, outperforming an initially forecasted 0.4 percent build and previous month 0.3 percent. The export and import price indexes came in at 0.4 percent and 0.1 percent respectively, compared to a 0.2 percent and 0.1 percent seen.

Other reports included the New York State manufacturing index, which moved to 25.20, above a modest 10.00 reading. Business inventories grew by 0.5 percent in June.

Ahead in today’s session, market attention will be directed to the building permits and housing starts for July at 12:30 GMT and the release of FOMC minutes as of 18:00 GMT. Investors will closely examine that document in search for hints on the future of interest rates.

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )