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Market Snapshot
briefing.com
| Dow | 33919.92 | +156.99 | (0.46%) | | Nasdaq | 13121.66 | +74.52 | (0.57%) | | SP 500 | 4297.42 | +17.20 | (0.40%) | | 10-yr Note |
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| | NYSE | Adv 1551 | Dec 1544 | Vol 740 mln | | Nasdaq | Adv 2475 | Dec 1982 | Vol 4.4 bln |
Industry Watch
| Strong: Utilities, Consumer Staples, Real Estate, Communication Services, Information Technology, Consumer Discretionary |
| | Weak: Energy, Materials |
Moving the Market
-- Global growth concerns after weaker-than-expected data out of China and a sharp decline in August Empire State Manufacturing Index
-- Lower-than-expected August NAHB Housing Market Index reading
-- Feeling that market is due for a pullback after big run recently
-- Support from mega caps
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Closing Summary
15-Aug-22 16:30 ET
Dow +151.39 at 33914.32, Nasdaq +80.87 at 13128.01, S&P +16.99 at 4297.21
[BRIEFING.COM] The stock market opened with relative weakness amid global growth concerns before finding upside momentum around midmorning. The market maintained a positive bias into the close with the S&P 500 testing, and finding resistance at, the 4,300 level. The three major indices closed just below session highs.
Global growth concerns fueled the early selling interest thanks to China's weaker-than-expected July retail sales, industrial production, and fixed asset investment data, followed by the People's Bank of China cutting its one-year medium-term lending facility loan rate and seven-day repurchase rate by an unexpected ten basis points to 2.75% and 2.0%, respectively.
A sharp decline in the August Empire State Manufacturing Index and a lower-than-expected August NAHB Housing Market Index reading piled onto the news from China to fuel early selling interest.
With renewed global growth concerns in play today, energy complex futures made big downside moves. WTI crude oil futures fell 2.7% to $89.35.bbl. Natural gas futures fell 1.1% to $8.68.mmbtu. Unleaded gasoline futures fell 2.5% to $2.95/gal.
The S&P 500 energy sector was the worst performer on the day, down 2.0%.
Mega cap stocks led the upside charge amid broad-based buying that left nine of the 11 S&P 500 sectors in the green with gains ranging from 0.1% (financials) to 1.1% (consumer staples). The Vanguard Mega Cap Growth ETF (MGK) closed up 0.7% versus a 0.2% gain in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.4% gain in the S&P 500.
The consumer discretionary sector (+0.6%) was able to close ahead of the broader market despite being held back by its lagging homebuilder components. D.R. Horton (DHI 78.82, -0.90, -1.1%), Pultegroup (PHM 44.41, -0.54, -1.2%), and Lennar (LEN 88.08, -0.19, -0.2%) all traded down today after the NAHB Housing Market Index was released.
Also, Dow component Disney (DIS 124.26, +2.69, +2.2%) boosted the communication services sector (+0.5%) after CNBC reported Third Point took a new position in the company. Meta Platforms (META 180.89, +0.39, +0.2%) and Alphabet (GOOG 122.88, +0.23, +0.2%) also helped with sector performance.
Separately, the 2-yr note yield fell seven basis points to 3.18% while the 10-yr note yield fell six basis points to 2.79%.
Looking ahead to Tuesday, July Housing Starts (Briefing.com consensus 1.543 million; prior 1.559 million) and Building Permits (Briefing.com consensus 1.647 million; prior 1.685 million) will be released at 8:30 a.m. ET. July Industrial Production (Briefing.com consensus +0.3%; prior -0.2%) and Capacity Utilization (Briefing.com consensus 80.2%; prior 80.0%) will be released at 9:15 a.m. ET.
Ahead of tomorrow's open, Walmart (WMT) and Home Depot (HD) are set to report earnings.
Reviewing today's economic data:
- August Empire State Manufacturing -31.3 (Briefing.com consensus 5.0); Prior 11.1
- August NAHB Housing Market Index 49 (Briefing.com consensus 55); Prior 55
Dow Jones Industrial Average: -6.7% YTD
S&P 400: -7.9% YTD
S&P 500: -9.8% YTD
Russell 2000: -9.9% YTD
Nasdaq Composite: -16.1% YTD
Rally continues into the close
15-Aug-22 15:30 ET
Dow +157.68 at 33920.61, Nasdaq +91.98 at 13139.12, S&P +19.11 at 4299.33
[BRIEFING.COM] The S&P 500 broke through the 4,300 barrier in the last half hour before dipping back below that level.
Energy complex futures made downside moves this session. WTI crude oil futures fell 2.7% to $89.35.bbl. Natural gas futures fell 1.1% to $8.68.mmbtu. Unleaded gasoline futures fell 2.5% to $2.95/gal.
Market participants will receive the June TIC Net Long-Term Transactions (prior $155.3 billion) at 4:00 p.m. ET today.
Looking ahead to Tuesday, July Housing Starts (Briefing.com consensus 1.543 million; prior 1.559 million) and Building Permits (Briefing.com consensus 1.647 million; prior 1.685 million) will be released at 8:30 a.m. ET. July Industrial Production (Briefing.com consensus +0.3%; prior -0.2%) and Capacity Utilization (Briefing.com consensus 80.2%; prior 80.0%) will be released at 9:15 a.m. ET.
Ahead of tomorrow's open, Walmart (WMT) and Home Depot (HD) are set to report earnings.
Market continues climb
15-Aug-22 15:00 ET
Dow +156.99 at 33919.92, Nasdaq +74.52 at 13121.66, S&P +17.20 at 4297.42
[BRIEFING.COM] The S&P 500 tested, and found resistance at, the 4,300 level in the last half hour.
The Dow Jones Transportation Average has lagged this session, down 0.4%. Components trade in a mixed fashion with airlines in the green while shipping related names trade down. Alaska Airlines (ALK 48.40, +1.06, +2.2%), Delta Airlines (DAL 35.29, +0.72, +2.1%), and JetBlue (JBLU 9.26, +0.12, +1.4%) show the biggest gains. The Global Jets ETF (JETS) is up 1.1%.
Separately, Treasury yields are near their lows of the day with the 2-yr note yield down seven basis points to 3.18% while the 10-yr note yield is down six basis points to 2.79%.
Bath & Body Works underperforms ahead of earnings
15-Aug-22 14:30 ET
Dow +141.68 at 33904.61, Nasdaq +48.18 at 13095.32, S&P +12.13 at 4292.35
[BRIEFING.COM] The benchmark S&P 500 (+0.28%) is at the bottom of the major averages this afternoon, though still able to notch fresh three-month highs.
S&P 500 constituents Illumina (ILMN 228.81, +20.48, +9.83%), Tesla (TSLA 933.52, +33.43, +3.71%), and Take-Two (TTWO 127.36, +4.22, +3.43%) dot the top of today's standings. For its part, TSLA continues its broader market-driven bounce off the May 2022 lows, while volatile software name TTWO is jostling with its 50-day SMA (126.80).
Meanwhile, Ohio-based retailer Bath & Body Works (BBWI 38.55, -1.44, -3.60%) is near the bottom of the index ahead of Wednesday evening's results.
Gold settles below $1,800 level
15-Aug-22 14:00 ET
Dow +148.08 at 33911.01, Nasdaq +57.20 at 13104.34, S&P +13.32 at 4293.54
[BRIEFING.COM] With about two hours remaining on Monday the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average stand tied atop the major averages, each higher by +0.44% apiece.
Gold futures settled $17.40 lower (-1.0%) to $1,798.10/oz, pressured by a rise in the dollar amid weaker-than-expected economic data out of China.
Meanwhile, the U.S. Dollar Index is up +0.8% to $106.44.
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