Market Snapshot
briefing.com
| Dow | 30724.83 | -304.48 | (-0.98%) | | Nasdaq | 11013.75 | -164.13 | (-1.47%) | | SP 500 | 3780.28 | -38.55 | (-1.01%) | | 10-yr Note |
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| | NYSE | Adv 1079 | Dec 2066 | Vol 550 mln | | Nasdaq | Adv 1597 | Dec 2850 | Vol 4.3 bln |
Industry Watch
| Strong: Utilities |
| | Weak: Consumer Discretionary, Financials, Communication Services, Information Technology, Materials |
Moving the Market
-- Downside leadership from mega caps
-- Weakness in the cryptocurrency market
-- Decline in real PCE fueling concerns about the Fed continuing to raise rates into a slowing economic environment
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Market descends and energy futures settle lower
30-Jun-22 15:30 ET
Dow -304.48 at 30724.83, Nasdaq -164.13 at 11013.75, S&P -38.55 at 3780.28
[BRIEFING.COM] The major indices descended in recent action with the Nasdaq trailing the others, down 1.6%.
Energy futures closed the session lower today. WTI crude oil futures fell 3.7% to $105.77/bbl. Natural gas futures fell 15.8% to $5.48/mmbtu. Unleaded gasoline futures fell 5.2% to $3.54/gal.
Looking ahead to Friday, market participants will receive the ISM Manufacturing Index (Briefing.com consensus 55.0%; prior 56.1%) for June at 10:00 a.m. ET. Additional economic data includes the IHS Markit Manufacturing PMI final reading (prior 52.4) for June and the Construction Spending (Briefing.com consensus 0.4%; prior 0.2%).
Also, Micron (MU 55.42, -0.60, -1.1%) will release earnings results after the close today.
Mega caps pull down broader market
30-Jun-22 15:00 ET
Dow -281.63 at 30747.68, Nasdaq -137.56 at 11040.32, S&P -32.01 at 3786.82
[BRIEFING.COM] The major indices have not moved much in either direction recently with the S&P 500 clinging to a narrow range around the 3,800 level.
The mega caps continue to influence the major indices in the downward direction. The Vanguard Mega Cap Growth ETF (MGK) is down 1.2% while the S&P 500 is down 0.9%. The Invesco S&P 500 Equal Weight ETF (RSP), however, is down just 0.6%.
The top laggards for the mega caps are Alphabet (GOOG 2197.29, -49.70, -2.2%), Amazon.com (AMZN 106.64, -2.29, -2.1%), and Meta Platforms (META 162.32, -1.59, -1.0%). The latter, which traded up 1.0% at today's high, said in an internal memo that the company expects slower growth in the second half of the year amid "fierce" headwinds, according to Reuters.
Pfizer outperforms after earning another vaccine deal with US gov't; GM falls as Mich. strike looms
30-Jun-22 14:30 ET
Dow -217.80 at 30811.51, Nasdaq -102.21 at 11075.67, S&P -23.80 at 3795.03
[BRIEFING.COM] The S&P 500 (-0.62%) approached flat lines into the turn of the prior half hour, but has since trickled lower, down now about 24 points.
S&P 500 constituents Constellation Brands (STZ 232.84, -10.79, -4.43%), General Motors (GM 23.13, -1.32, -3.95%), and FedEx (FDX 227.07, -6.74, -2.88%) dot the bottom of the index. STZ underperforms today despite a morning Q1 beat as profit expectations for the year on a reported basis were brought down, while GM workers at a several Michigan plants were expected to go on strike today, and FDX falls as investors are reportedly not as pleased with the company's Investor Day targets as analysts, many of whom raised price targets, were.
Meanwhile, pharmaceutical giant Pfizer (PFE 52.67, +1.73, +3.40%) is one of today's top performers; rumors circulated this morning that the company could try to sell its Paxlovid COVID-19 oral pills commercially if the FDA gives approval. The company also inked a deal with the U.S. gov't for 105 million COVID vaccine doses.
Gold lower on Thursday, down more than 2% in June as dollar, yields rise
30-Jun-22 14:00 ET
Dow -97.44 at 30931.87, Nasdaq -46.86 at 11131.02, S&P -8.04 at 3810.79
[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (-0.42%) is today's worst-performing major index.
Gold futures settled $10.20 lower (-0.6%) to $1,807.30/oz, down about -2.2% on the month, pressured in part by June gains in the dollar and treasury yields.
Meanwhile, the U.S. Dollar Index is down about -0.4% to $104.69.
Walgreens, Caterpillar underperform in DJIA on Thursday
30-Jun-22 13:30 ET
Dow -172.31 at 30857.00, Nasdaq -83.44 at 11094.44, S&P -16.45 at 3802.38
[BRIEFING.COM] The Dow Jones Industrial Average (-0.56%) holds onto second place on Thursday afternoon, firmly off lows which approached losses of 600 points.
A look inside the DJIA shows that Walgreens Boots Alliance (WBA 38.51, -2.36, -5.77%), Caterpillar (CAT 180.23, -3.25, -1.77%), and Goldman Sachs (GS 298.62, -4.66, -1.54%) are underperforming.
Conversely, insurance firm Travelers (TRV 168.28, +2.48, +1.50%) is today's top performer.
The DJIA holds -2.04% week-to-date losses.
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