| | | Little Changed
briefing.com
21-Aug-17 16:20 ET
Dow +29.24 at 21703.75, Nasdaq -3.40 at 6213.11, S&P +2.82 at 2428.33
[BRIEFING.COM] The equity market opened the week with a rather uneventful performance that left the major averages little changed from where they settled last Friday's session. The S&P 500 (+0.1%) and the Dow (+0.1%) both eked out narrow victories while the Nasdaq (-0.1%) slipped just a tick below its unchanged mark.
Eight of the eleven sectors finished Monday's session in positive territory--consumer discretionary (+0.2%), industrials (+0.1%), materials (+0.1%), health care (+0.5%), consumer staples (+0.4%), utilities (+0.3%), telecom services (+0.7%), and real estate (+1.1%). Countercyclical groups showed relative strength as all four--health care, consumer staples, utilities, and telecom services--finished ahead of the broader market.
On the flip side, the top-weighted technology (-0.1%) and financials (-0.2%) sectors struggled throughout the session, keeping a lid on any bullish sentiment. Within the tech group, chipmakers exhibited particular weakness, sending the PHLX Semiconductor Index lower by 0.7%. Today's loss puts the technology sector in negative territory for the month (-0.1%).
The energy sector (-0.6%) settled at the very bottom of the sector standings, extending its month-to-date loss to 7.2%. The sector moved lower in tandem with the price of crude oil, which dropped 2.4% to $47.56/bbl. Monday's loss breaks a three-session winning streak for the commodity.
Corporate news was light on Monday, but it's worth pointing out that Dow component Nike (NKE 53.61, -1.34) tumbled once again, dropping 2.4%, after being downgraded to 'Hold' from 'Buy' at Jefferies. The company moved solidly lower on Friday in sympathy with Foot Locker (FL 31.82, -2.56), which has plunged 44.6% since delivering a disappointing earnings report on Friday morning.
U.S. Treasuries started the week on a higher note, sending the benchmark 10-yr yield one basis point lower to 2.18%. Meanwhile, the U.S. Dollar Index (93.03, -0.33) slipped 0.4% ahead of the Kansas City Fed's Economic Symposium in Jackson Hole, Wyoming, which will kick off on Thursday.
Investors did not receive any economic data on Monday.
On Tuesday, market participants will receive just one economic report--the FHFA Housing Price Index for June--which will cross the wires at 9:00 ET.
- Nasdaq Composite +15.4% YTD
- Dow Jones Industrial Average +9.8% YTD
- S&P 500 +8.5% YTD
- Russell 2000 unch YTD
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