U.S. Market Indexes Lower as Brexit Continues to Effect Valuations
U.S. market indexes were lower on Monday as the United Kingdom’s decision to leave the European Union continued to weigh on stock valuations. For the day the Dow Jones Industrial Average closed at 17140.24 for a loss of -260.51 points or -1.50 percent. The S&P 500 was also down, closing at 2000.54 for a loss of -36.87 points or -1.81 percent. The Nasdaq Composite closed lower at 4594.44 for a loss of -113.54 points or -2.41 percent. The VIX Volatility Index was lower for the day at 23.69 for a loss of -2.07 points or -8.04 percent.
Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.
Monday’s Market Movers
A few economic indicators were reported on Monday. International trade showed the United States continuing to import more than it exports with a trade deficit of $60.59 billion. The PMI Services Flash report was also released on Monday and showed the PMI Services Index basically unchanged at 51.3.
For the day stocks continued to fall as the U.K. began plans for new agreements across Europe. Currencies were also volatile in trading for the day. The pound was weaker against the dollar at 1.3221. The euro was also weaker against the dollar at 1.1025.
Stocks trading actively for the day included Bank of America, General Electric, Citigroup, Ford, Microsoft, Apple, AT&T, JPMorgan and Facebook.
In the Dow Jones Industrial Average, the following stocks led losses for the day:
Losses (percent)
American Express -3.98
JPMorgan -3.34
Boeing -3.02
DuPont -2.91
Microsoft -2.81
Top sectors leading losses included materials and energy. In technology, stocks were also lower. The Nasdaq Composite closed lower at 4594.44 for a loss of -113.54 points or -2.41 percent. The Nasdaq 100 was also lower at 4201.05 for a loss of -84.65 points or -1.98 percent. The following stocks led losses in the technology sector:
Losses (percent)
Western Digital -11.83
Seagate Technology -9.89
Liberty Media -7.69
In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 0.67 points or 0.53 percent. The dollar was higher for the day as the U.S. Dollar Index gained 0.48 points or 0.50 percent to 96.39.
Small-Cap Stocks
In small-caps, the Russell 2000 was lower for the day at 1089.65 for a loss of -37.89 points or -3.36 percent. The S&P 600 closed at 670.90 for a loss of -21.11 points or -3.05 percent. The Dow Jones Small-Cap Growth TSM closed at 6652.99 for a loss of -240.70 points or -3.49 percent. The Dow Jones Small-Cap Value TSM closed at 7930.93 for a loss of -224.23 points or -2.75 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index, closing at 1416.66 for a loss of -40.93 points or -2.81 percent; the S&P 100 closing at 887.38 for a loss of -13.13 points or -1.46 percent; the Russell 3000 closing at 1177.35 for a loss of -24.28 points or -2.02 percent; the Russell 1000 closing at 1106.46 for a loss of -21.58 points or -1.91 percent; and the Dow Jones U.S. Select Dividend Index closing at 583.87 for a loss of -8.84 points or -1.49 percent.
