U.S. Market Indexes Lower as Brexit Reform Affects Stocks and Bonds
U.S. market indexes began the week lower after closing higher for the week on Friday. For the day the Dow Jones Industrial Average closed at 17840.62 for a loss of -108.75 points or -0.61 percent. The S&P 500 was also down, closing at 2088.55 for a loss of -14.40 points or -0.68 percent. The Nasdaq Composite closed lower at 4822.90 for a loss of -39.67 points or -0.82 percent. The VIX Volatility Index was higher at 15.73 for a gain of 0.96 points or 6.50 percent.
Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.
Tuesday’s Market Movers
Few leading economic indicators were on the calendar for Tuesday as stocks closed lower with some concerns over a global and domestic recession. Treasury’s also continued to fall on Tuesday with the 10-year Treasury reaching a new low of 1.367 percent.
Factory orders were lower, down 1 percent from the previous month, which was at consensus yet below the prior month’s reading of 1.8 percent. Gallup also reported its U.S. Economic Confidence Index and U.S. Consumer Spending Measure on Tuesday. The Gallup U.S. Economic Confidence Index was unchanged at -14. The U.S. Consumer Spending Measure showed the average spending level per day by the consumer at $88 which was down from $93.
Stocks trading actively for the day included Bank of America, Chesapeake Energy, Netflix, General Electric, Ford Motor, AT&T, Apple and Citigroup.
In the Dow Jones Industrial Average, stocks leading losses for the day included:
Losses (percent)
JPMorgan -2.84
Caterpillar -2.73
Goldman Sachs -2.59
American Express -2.57
Sectors leading losses for the broad market were energy and materials. Technology stocks were also lower. The Nasdaq Composite closed lower at 4822.90 for a loss of -39.67 points or -0.82 percent. The Nasdaq 100 was also lower at 4409.60 for a loss of -27.85 points or -0.63 percent. Stocks leading losses in technology included:
Losses (percent)
Liberty Media -7.69
Liberty Global -6.86
Skyworks Solutions -6.04
Western Digital -3.77
Seagate Technology -3.62
In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 1.06 points or 0.83 percent. In the currency markets, the dollar was higher for the day as the U.S. Dollar Index was up 0.70 points or 0.73 percent at 96.21.
Small-Cap Stocks
In small-caps, the Russell 2000 followed the day’s trend lower closing at 1139.44 for a loss of -17.33 points or -1.5 percent. The S&P 600 closed at 700.06 for a loss of -10.11 points or -1.42 percent. The Dow Jones Small-Cap Growth TSM Index closed at 6981.55 for a loss of -110.17 points or -1.55 percent. The Dow Jones Small-Cap Value TSM Index closed at 8282.86 for a loss of -98.28 points or -1.17 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1482.28 for a loss of -17.92 points or -1.19 percent; the S&P 100 which closed at 924.70 for a loss of -4.98 points or -0.54 percent; the Russell 3000 which closed at 1229.75 for a loss of -9.77 points or -0.79 percent; the Russell 1000 which closed at 1155.60 for a loss of -8.52 points or -0.73 percent; and the Dow Jones U.S. Select Dividend Index which closed at 608.86 for a loss of -3.50 points or -0.57 percent.
