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Market Snapshot
briefing.com
| Dow | 31438.26 | -62.42 | (-0.20%) | | Nasdaq | 11524.54 | -83.07 | (-0.72%) | | SP 500 | 3900.11 | -11.63 | (-0.30%) | | 10-yr Note |
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| | NYSE | Adv 1709 | Dec 1436 | Vol 991 mln | | Nasdaq | Adv 2218 | Dec 2258 | Vol 4.9 bln |
Industry Watch
| Strong: Energy, Health Care, Utilities |
| | Weak: Materials, Consumer Discretionary, Communication Services, Consumer Staples |
Moving the Market
-- Downside leadership from mega caps
-- General growth concerns
-- Resilience to selling interest
-- SF Fed President Daly (non-FOMC voter) noted she sees additional tightening beyond the neutral rate
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Closing Summary
27-Jun-22 16:15 ET
Dow -62.42 at 31438.26, Nasdaq -83.07 at 11524.54, S&P -11.63 at 3900.11
[BRIEFING.COM] The major indices did not move a whole lot in either direction today which is not necessarily a bad thing for sentiment after last week's rally. Similar rally efforts this year have been met with a tendency to sell into the strength.
A general lack of conviction on both sides of the tape could be seen in the advance-decline line. Market breadth at both the NYSE and Nasdaq was roughly flat today.
The major indices were pulled down by the mega caps. The Vanguard Mega Cap Growth ETF (MGK) closed down 1.0%. Relative weakness here is not completely surprising as the mega caps outperformed last week with a gain of 8.0%.
The broader market held up better on the day, evidenced by the more modest 0.1% decline in the Invesco S&P 500 Equal Weight ETF (RSP). Most mega cap constituents closed in the red with Amazon.com (AMZN 113.22, -3.24, -2.8%) exhibiting the largest loss. Apple (AAPL 141.66, +0.00, +0.0%), the best performing mega cap, closed flat after Reuters reported today that Supreme Court decided not to hear Apple's patent challenge with Qualcomm (QCOM 127.18, +2.08, +1.7%).
Further showing that the mega caps pulled down the broader market is the outperformance seen in small and mid cap stocks. The Russell 2000 (+0.3%) and S&P Mid Cap 400 (+0.3%) both closed with modest gains.
Of the 11 S&P 500 sectors, three closed in the green. Energy (+2.8%) was the leader by a decent margin followed by the defensive-oriented utilities (+0.8%) and health care (+0.4%) sectors.
The top laggards were the consumer discretionary (-1.1%), communication services (-1.1%), materials (-0.8%), and information technology (-0.6%) sectors.
Separately, Treasury note yields settled the session near their highs of the day after some relatively soft auction results for the 2-yr and 5-yr note yields. The 2-yr note yield rose six basis points to 3.12% while the 10-yr note yield rose seven basis points to 3.19%.
Reviewing today's economic data:
- Total durable goods orders increased 0.7% month-over-month (Briefing.com consensus +0.1%) following an unrevised 0.4% increase in April. Excluding transportation, durable goods orders also increased 0.7% (Briefing.com consensus +0.4%) following a downwardly revised 0.2% increase (from 0.3%) in April.
- The key takeaway from the report is that business spending held up quite well in May, evidenced by the 0.5% increase in nondefense capital goods orders excluding aircraft.
- May Pending Home Sales 0.7% (Briefing.com consensus -3.5%); Prior was revised to -4.0% from -3.9%
Looking ahead to Tuesday, market participants will receive the following economic data: May advance goods trade deficit (prior -$105.90 bln), May advance Retail Inventories (prior 0.7%), and May advance Wholesale Inventories (prior 2.1%) at 8:30 a.m. ET. April FHFA Housing Price Index (prior 1.5%) and April S&P Case-Shiller Home Price Index (Briefing.com consensus 21.1%; prior 21.2%) at 9:00 a.m. ET.
The June Consumer Confidence reading (Briefing.com consensus 101.0; prior 106.4), released at 10:00 a.m. ET, will be watched closely after the June Consumer Sentiment Index was the lowest result on record.
- Dow Jones Industrial Average: -13.5% YTD
- S&P 500: -18.2% YTD
- S&P 400: -17.7% YTD
- Russell 2000: -21.1% YTD
- Nasdaq Composite: -26.3% YTD
Energy futures close mixed and Treasury yields near highs
27-Jun-22 15:30 ET
Dow -57.73 at 31442.95, Nasdaq -80.67 at 11526.94, S&P -9.70 at 3902.04
[BRIEFING.COM] Recent trading has seen the Dow Jones Industrial Average (-0.2%) set a new session low with the other main indices hovering near their lowest levels.
The energy futures settled the session on a mixed note. WTI crude oil futures rose 1.6% to $109.34/bbl. Natural gas futures settled up 4.9% to $6.52/mmbtu. Unleaded gasoline futures fell 1.6% to $3.72/gal.
Treasury yields settled the session near their highs of the day following some relatively soft auction results for 2-yr and 5-yr notes. The 10-yr note yield rose seven basis points to 3.19%. The 2-yr note yield rose six basis points to 3.12%.
After the close, earnings results from Dow component Nike (NKE 110.59, -2.23, -2.1%) will be released.
Looking ahead to Tuesday, market participants will receive the following economic data: May advance goods trade deficit (prior -$105.90 bln), May advance Retail Inventories (prior 0.7%), and May advance Wholesale Inventories (prior 2.1%) at 8:30 a.m. ET. April FHFA Housing Price Index (prior 1.5%) and April S&P Case-Shiller Home Price Index (Briefing.com consensus 21.1%; prior 21.2%) at 9:00 a.m. ET.
The most notable piece of data is the June Consumer Confidence reading (Briefing.com consensus 101.0; prior 106.4) to be released at 10:00 a.m. ET which will be watched closely after the June Consumer Sentiment Index was the lowest result on record.
Most S&P sectors lag broader market
27-Jun-22 14:55 ET
Dow -53.88 at 31446.80, Nasdaq -67.28 at 11540.33, S&P -9.68 at 3902.06
[BRIEFING.COM] The three main indices have been sticking to a narrow range near their session lows in recent trading. The Nasdaq remains the biggest laggard, down 0.5%.
Nine of the 11 S&P 500 sectors are exhibiting losses with the communication services (-1.1%), consumer discretionary (-0.9%), materials (-0.8%), and financials (-0.4%) sectors leading the downside charge.
The heavily weighted communication services sectors has almost all of its components trading down with the exceptions showing only modest gains. Mega cap constituent Meta Platforms (META 170.50, +0.35, +0.2%) is outperforming as well as Paramount (PARA 25.96, +0.20, +0.8%) and CenturyLink (LUMN 11.38, +0.11, +1.0%).
Etsy slips on Needham downgrade, SolarEdge higher along with peers
27-Jun-22 14:30 ET
Dow -49.66 at 31451.02, Nasdaq -71.16 at 11536.45, S&P -9.46 at 3902.28
[BRIEFING.COM] The major averages have consolidated their moderately lower levels in the last half hour, the S&P 500 (-0.24%) comfortably in second place.
S&P 500 constituents Electronic Arts (EA 124.31, -5.89, -4.52%), Etsy (ETSY 80.06, -3.56, -4.26%), and United Airlines (UAL 37.35, -1.16, -3.01%) pepper the bottom of the index. EA mirrors broader weakness in tech/video game software names, ETSY slides lower following a Needham downgrade to Hold, while UAL dips owing in part to crude oil price gains as well as an Evercore ISI target cut across the space.
Meanwhile, SolarEdge Technologies (SEDG 299.69, +13.35, +4.66%) is near the top of the standings, piggy-backing general strength in solar stocks.
Gold slips to open the week
27-Jun-22 14:00 ET
Dow -68.08 at 31432.60, Nasdaq -77.31 at 11530.30, S&P -10.79 at 3900.95
[BRIEFING.COM] The major averages saw a decent dip in the last half hour, coinciding with the timing of a modest move higher in treasury yields. To this juncture, the tech-heavy Nasdaq Composite (-0.67%) still sits at the bottom of the standings.
Gold futures settled $5.50 lower (-0.3%) to $1,824.80/oz after reports that G7 leaders were prepared to ban Russian gold imports.
Meanwhile, the U.S. Dollar Index is about -0.2% lower to $103.93.
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