Market Snapshot
briefing.com
| Dow | 35931.05 | -211.17 | (-0.58%) | | Nasdaq | 15921.58 | -52.28 | (-0.33%) | | SP 500 | 4688.67 | -12.23 | (-0.26%) | | 10-yr Note | -1/32 | 1.627 |
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| | NYSE | Adv 1089 | Dec 2190 | Vol 806.7 mln | | Nasdaq | Adv 1458 | Dec 3145 | Vol 5.0 bln |
Industry Watch
| Strong: Consumer Discretionary, Real Estate, Health Care, Utilities |
| | Weak: Financials, Energy, Industrials, Materials |
Moving the Market
-- Major indices close lower in defensive session
-- Target (TGT) plans to absorb some inflation pressures to keep prices down
-- Amazon.com (AMZN) plans to stop accepting Visa (V) credit cards in the UK because of high transaction costs
-- Price action reflected consolidation activity
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Down day for the major indices
17-Nov-21 16:20 ET
Dow -211.17 at 35931.05, Nasdaq -52.28 at 15921.58, S&P -12.23 at 4688.67
[BRIEFING.COM] The S&P 500 declined 0.3% on Wednesday in a defensive session. The Nasdaq Composite (-0.3%) and Dow Jones Industrial Average (-0.6%) also fell modestly, while the Russell 2000 (-1.2%) underperformed amid weakness in its cyclical components.
Declining issues outpaced advancing issues by better than a 2:1 margin at the NYSE and Nasdaq, and seven of the 11 S&P 500 sectors closed in negative territory. The energy (-1.7%), financials (-1.1%), materials (-0.6%), and industrials (-0.6%) sectors underperformed.
The index losses, however, were minimized by gains in Apple (AAPL 153.49, +2.49, +1.7%), Microsoft (MSFT 339.12, +0.23, +0.1%), Amazon.com (AMZN 3549.00, +8.30, +0.2%), and Tesla (TSLA 1089.01, +34.28, +3.3%). The consumer discretionary sector (+0.6%), which is home to AMZN and TSLA, rose 0.6%.
The defensive-oriented real estate (+0.7%), health care (+0.2%), and utilities (+0.1%) sectors also closed in positive territory. Pfizer (PFE 50.87, +1.27, +2.6%) aided the health care sector amid news that its COVID-19 booster shot could be available for all adults as soon as this weekend.
Target (TGT 253.80, -12.59, -4.7%), meanwhile, stoked profit-margin concerns after saying it will absorb some inflation pressures to keep prices down -- echoing Walmart (WMT 141.94, -1.23, -0.9%) yesterday. Fellow retailers Lowe's (LOW 245.75, +0.97, +0.4%) and TJX Cos. (TJX 73.55, +4.05, +5.8%) closed higher following their earnings reports.
Lower interest rates and weaker oil prices ($78.31, -2.46, -3.1%) specifically weighed on the financial and energy stocks. The 2-yr yield decreased two basis points to 0.50%, and the 10-yr yield decreased three basis points to 1.60%. The U.S. Dollar Index declined 0.1% to 95.79.
Separately, shares of Visa (V 205.06, -10.12, -4.7%) fell 5% on news that Amazon plans to stop accepting UK-issued Visa credit cards due to high transaction fees, although The Wall Street Journal reported that Visa is trying to mend the relationship. MasterCard (MA 359.17, -10.39, -2.8%) fell 3% in sympathy.
Also noteworthy, shares of Rivian (RIVN 146.07, -25.94, -15.1%) and Lucid Motors (LCID 52.55, -2.97, -5.4%) finally calmed down after a stretch of ridiculous gains. Their retracements represented a pause in the market's speculative energy.
Reviewing Wednesday's economic data:
- October housing starts declined 0.7% month-over-month to a seasonally adjusted annual rate of 1.52 million units (Briefing.com consensus 1.59 million) from a downwardly revised 1.53 million (from 1.55 million) in September. Building permits, though, provided a positive surprise, rising 4.0% to 1.65 million (Briefing.com consensus 1.64 million) from a downwardly revised 1.586 million (from 1.589 million) in September.
- The key takeaway from the report is that there was strength in permits -- a leading indicator -- for single units and multi-family units in all regions. Single-unit permits were up 2.7% month-over-month, led by gains in all regions except the West (-0.4%).
- The weekly MBA Mortgage Applications Index decreased 2.8% following a 5.5% increase in the prior week.
Looking ahead, investors will receive weekly Initial and Continuing Claims, the Philadelphia Fed Index for November, and the Conference Board's Leading Economic Index for October on Thursday.
- S&P 500 +24.8% YTD
- Nasdaq Composite +23.5% YTD
- Russell 2000 +20.4% YTD
- Dow Jones Industrial Average +17.4% YTD
Crude futures drop 3%
17-Nov-21 15:30 ET
Dow -155.62 at 35986.60, Nasdaq -39.78 at 15934.08, S&P -7.71 at 4693.19
[BRIEFING.COM] The S&P 500 is down 0.2% and has done so for nearly the entire session.
One last look at the sectors shows energy (-1.8%), financials (-1.0%), and industrials (-0.5%) underperforming the benchmark index, while the consumer discretionary (+0.7%), health care (+0.4%), and real estate (+0.5%) sectors outperform in the green.
WTI crude futures settled lower by 3.1%, or $2.46, to $78.31/bbl. In related news, President Biden asked the FTC to "further examine what is happening with oil and gas markets," and the EIA reported an unexpected draw in weekly crude inventories. |
