Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (84215)

11/19/2019 4:37:52 PM

From: Return to Sender

1 Recommendation

Recommended By
Sr K

Respond to of 95487

Stock market closes little changed, retail space hit
19-Nov-19 16:20 ET

Dow -102.20 at 27933.93, Nasdaq +20.72 at 8570.66, S&P -1.85 at 3120.18

briefing.com

[BRIEFING.COM] The S&P 500 declined 0.1% on Tuesday in a mixed session. The retail industry was under pressure following disappointing quarterly results and guidance from Home Depot (HD 225.86, -12.99, -5.4%) and Kohl's (KSS 47.02, -11.38, -19.5%).

The Dow Jones Industrial Average (-0.4%) also finished lower, while the Nasdaq Composite (+0.2%) and Russell 2000 (+0.4%) finished higher. The Nasdaq closed at another record high.

The session began with each of the large-cap indices setting intraday highs despite the negative sentiment in the retail space. The early advance quickly faltered but overall losses were modest, and transient, as the S&P 500 only dipped 0.3% below its flat line before buyers quickly stepped in to buy the dip.

The retail space didn't benefit from an opportunistic mindset, though, as the SPDR S&P Retail ETF (XRT 43.95, -0.87, -1.9%) finished near its lows like the S&P 500 energy (-1.5%) and consumer discretionary (-1.0%) sectors. Home Depot dragged on the consumer discretionary sector while a 3% drop in WTI crude ($55.21, -1.84, -3.2%) weighed on the energy space.

Gains were mainly found in the heavily-weighted S&P 500 health care (+0.7%), information technology (+0.2%), and financials (+0.2%) sectors. The real estate sector (+0.2%) also finished in positive territory.

TJX Companies (TJX 60.64, +1.09, +1.8%) was a bright spot among the retailers after it beat top and bottom-line estimates and raised its full-year guidance. TJX likely tempered some concerns about U.S. consumer spending for the holiday shopping season that may have been engendered by Home Depot and Kohl's.

Separately, shares of AT&T (T 38.00, -1.63, -4.1%) pulled back 4% after the stock was downgraded to Sell from Neutral at MoffettNathanson. Shares of Slack (WORK 21.18, -1.93, -8.4%) sold off on news that Microsoft's (MSFT 150.39, +0.05, unch) competitive product, Teams, increased daily active users by nearly 50% since July.

The U.S. Treasury market was relatively quiet, but demand for longer-dated bonds contributed to some curve-flattening activity. The 2-yr yield was unchanged at 1.59%, and the 10-yr yield declined two basis points to 1.79%. The U.S. Dollar Index increased 0.1% to 97.85.

Tuesday's economic calendar was limited to Housing Starts and Building Permits for October:

Total housing starts increased 3.8% m/m to a seasonally adjusted annual rate of 1.314 million (Briefing.com consensus 1.300 million) while total building permits increased 5.0% m/m to a seasonally adjusted annual rate of 1.461 million (Briefing.com consensus 1.365 million).
- There was a sizable jump in starts (+8.6%) and permits (+8.2%) for multi-unit dwellings, yet the key takeaway from the report is that starts (+2.0%) and permits (+3.2%) increased for single-family units in an inventory-constrained environment for single-family homes.

Looking ahead, the FOMC Minutes from the October 30-31 meeting and the weekly MBA Mortgage Applications Index will be released on Wednesday.

Nasdaq Composite +29.2% YTD
S&P 500 +24.5% YTD
Dow Jones Industrial Average +19.8% YTD
Russell 2000 +18.5% YTD

Market Snapshot

Dow	27933.93	-102.20	(-0.36%)
Nasdaq	8570.66	+20.72	(0.24%)
SP 500	3120.18	-1.85	(-0.06%)
10-yr Note	+3/32	1.784

NYSE	Adv 1351	Dec 1507	Vol 842.4 mln
Nasdaq	Adv 1806	Dec 1278	Vol 2.1 bln

Industry Watch

Strong: Health Care, Information Technology, Real Estate, Financials

Weak: Consumer Discretionary, Energy

Moving the Market

-- Stock market closes mixed; weakness in the retail space

-- Home Depot (HD), Kohl's (KSS) disappoint with quarterly results and guidance

-- Relative strength in the health care sector

-- WTI crude drops 3%, weighs on energy stocks