U.S. Market Indexes Lower as Economic Factors a Concern
U.S. market indexes were lower on Tuesday. For the day, the Dow Jones Industrial Average closed at 18313.77 for a loss of -90.74 points or -0.49 percent. The S&P 500 closed lower at 2157.03 for a loss of -13.81 points or -0.64 percent. The Nasdaq Composite closed lower at 5137.73 for a loss of -46.46 points or -0.90 percent. The VIX Volatility Index was higher at 13.34 for a gain of 0.90 points or 7.23 percent.
Tuesday’s Market Movers
Tuesday’s auto sales data was a leading focus on the economic calendar. With the final total not available until the end of the day, auto sales appeared to be strong for July with the annualized rate for North America ahead of the June total. Personal income and outlays was also a key report for the day. The PCE Price Index reported a year over year increase of 0.9 percent. The Core PCE Price Index reported a 1.6 percent increase.
Stock momentum in U.S equities continued to slow on Tuesday as disappointing GDP data for the second quarter is causing a concern. Stocks trading actively for the day included the following: Ford, Bank of America, Frontier Communications Corp., Chesapeake Energy, Microsoft, Apple, Pfizer, General Electric and General Motors.
In the Dow Jones Industrial Average, the following stocks led losses for the day:
Losses (percent)
Pfizer Inc -2.47
Apple Inc -1.48
Goldman Sachs Group Inc -1.34
Boeing Co -1.21
The Home Depot Inc -1.12
Sectors leading losses in the broad market included consumer discretionary, industrial, financial and technology. In technology, stocks leading losses for the day included the following:
Losses (percent)
DISH Network Corp -8.02
Norwegian Cruise Line Holdings Ltd -6.36
American Airlines Group Inc -5.87
Seagate Technology PLC -5.49
Citrix Systems Inc -3.64
In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 1.05 points or 0.81 percent. The dollar was lower for the day with the U.S. Dollar Index at 95.08 for a loss of -0.70 points or -0.73 percent.
Small-Cap Stocks
In small-caps, the Russell 2000 Index was lower at 1202.35 for a loss of -16.78 points or -1.38 percent. The S&P 600 Small-Cap Index was lower at 732.50 for a loss of -10.78 points or -1.45 percent. The Dow Jones Small-Cap Growth TSM Index was lower at 7350.05 for a loss of -101.36 points or -1.36 percent. The Dow Jones Small-Cap Value TSM Index was lower at 8613.92 for a loss of -99.28 points or -1.14 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1537.29 for a loss of -17.79 points or -1.14 percent; the S&P 100 Index which closed at 957.12 for a loss of -4.67 points or -0.49 percent; the Russell 3000 Index which closed at 1273.01 for a loss of -9.45 points or -0.74 percent; the Russell 1000 Index which closed at 1194.42 for a loss of -8.24 points or -0.69 percent; and the Dow Jones U.S. Select Dividend Index which closed at 617.45 for a loss of -4.11 points or -0.66 percent.
