U.S. Market Indexes Lower with Selloff for the Day
U.S. market indexes opened higher Monday however ended the day with losses. For the day the Dow Jones Industrial Average closed at 18529.29 for a loss of -14.24 points or -0.08 percent. The S&P 500 was also down, closing at 2180.89 for a loss of -1.98 points or -0.09 percent. The Nasdaq Composite closed lower at 5213.14 for a loss of -7.98 points or -0.15 percent. The VIX Volatility Index was higher for the day at 11.52 for a gain of 0.13 points or 1.14 percent.
Monday’s Market Movers
A selloff occurred in the market on Monday despite good news on the economy. Market trading opened with continued momentum from Friday’s strong jobs report. On the economic calendar Monday, the Labor Market Conditions Index increased to 1.0. The TD Ameritrade Index however was down slightly as investors’ trading momentum has slowed. The TD Ameritrade Index was at 4.69 for July.
Stocks trading actively for the day included the following: Bank of America, Bristol-Myers Squibb Co., Chesapeake Energy, Ford, Pfizer, Apple, Merck, General Electric and Intel.
Wal-Mart was in focus for the day. The company confirmed it would be acquiring Jet.com. The purchase price for the deal is $3 billion. The acquisition will expand the companies e-commerce business.
In the Dow Jones Industrial Average, the following stocks led losses for the day:
Losses (percent)
Merck -1.57
Pfizer Inc -1.44
International Business Machines Corp -0.89
McDonald’s Corp -0.77
UnitedHealth Group Inc -0.6
In the broad market, healthcare and consumer discretionary dipped while technology was just slightly lower. In the technology sector, the following stocks led gains and losses for the day:
Losses (percent)
Incyte Corp -3.08
Viacom Inc B -2.66
Cognizant Technology Solutions Corp A -2.34
Gains (percent)
Liberty Interactive Corp Class A 3.78
Seagate Technology PLC 1.49
NetApp Inc 1.22
In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -0.11 points or -0.09 percent. The dollar was higher for the day as the U.S. Dollar Index gained 0.11 points or 0.11 percent to 96.39.
Small-Cap Stocks
In small-caps, the Russell 2000 Index was lower at 1230.42 for a loss of -0.88 points or -0.07 percent. The S&P 600 Small-Cap Index was lower at 745.69 for a loss of -0.98 points or -0.13 percent. The Dow Jones Small-Cap Growth TSM Index was lower at 7498.98 for a loss of -5.79 points or -0.08 percent. The Dow Jones Small-Cap Value TSM Index was lower at 8768.89 for a loss of -1.24 points or -0.01 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index, higher at 1562.57 for a gain of 0.02 points or 0.01 percent; the S&P 100 Index lower at 965.98 for a loss of -0.94 points or -0.10 percent; the Russell 3000 Index lower at 1288.57 for a loss of -1.03 points or -0.08 percent; the Russell 1000 Index lower at 1207.96 for a loss of -0.97 points or -0.08 percent; and the Dow Jones U.S. Select Dividend Index at 620.98 for a gain of 0.38 points or 0.06 percent.
