Market Snapshot
briefing.com
| Dow | 30983.21 | -192.51 | (-0.62%) | | Nasdaq | 11264.70 | -107.87 | (-0.95%) | | SP 500 | 3818.87 | -35.63 | (-0.92%) | | 10-yr Note |
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| | NYSE | Adv 1347 | Dec 1716 | Vol 878 mln | | Nasdaq | Adv 1921 | Dec 2327 | Vol 4.2 bln |
Industry Watch
| Strong: -- |
| | Weak: Energy, Health Care, Information Technology |
Moving the Market
-- Downside leadership from mega caps
-- Lingering growth concerns
-- Concerns over earnings as Q2 results are rolling in
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Late session selling interest ahead of CPI
12-Jul-22 16:25 ET
Dow -192.51 at 30983.21, Nasdaq -107.87 at 11264.70, S&P -35.63 at 3818.87
[BRIEFING.COM] Ahead of tomorrow's closely-watched CPI data, the stock market saw some whipsaw action immediately after the open before moving sideways for the bulk of the day. Selling interest peaked in the last half hour of trading with the three main indices falling to new session lows.
One factor in play pointing to growth concerns was the big downside moves made by the energy complex. WTI crude oil futures settled 8.0% lower to $95.48/bbl. Natural gas futures settled 4.6% lower to $6.03/mmbtu. Unleaded gasoline futures settled 5.9% lower to $3.25/gal.
Another factor was the EUR/USD falling to parity overnight, reaching its lowest level since 2002. By the close, the EUR/USD was down 0.1% to 1.0043. The USD Index was up 0.2% to 108.18.
Every sector in the S&P 500 closed in negative territory with energy (-2.1%) showing the steepest losses coinciding with the falling cost of oil. The other top laggards were health care (-1.3%), information technology (-1.3%), and consumer discretionary (-1.2%). The information technology and consumer discretionary sectors were likely hurt by the strength in the dollar since they contain many multinational companies that will have foreign earnings affected.
The mega caps were an important downside driver today with the Vanguard Mega Cap Growth ETF (MGK) closing down 2.5% versus a 0.9% loss in the S&P 500. The Invesco S&P 500 Equal Weight ETF (RSP) closed down 0.5%. The only mega caps to show gains at the close were Meta Platforms (META 163.27, +0.39, +0.2%) and Apple (AAPL 145.86, +0.99, +0.7%).
Despite other factors pointing towards growth concerns, semiconductors, which have leading indicator status, had a decent showing. The PHLX Semiconductor Index closed in the green, up 0.2%.
Market breadth reflected the late session selling interest. Earlier, advancers led decliners by a 2-to-1 margin at the NYSE and a 6-to-5 margin at the Nasdaq. At the close, decliners led advancers by a 6-to-5 margin at both the NYSE and Nasdaq.
Separately, the 2s10s spread is still inverted with the 2-yr note yield falling three basis points to 3.03%. The 10-yr note yield fell three basis points to 2.96%.
Today's economic data was limited to the June NFIB Small Business Optimism, which showed the lowest reading since 2013 of 89.5 (prior 93.1).
Looking ahead to Wednesday, market participants will receive the anticipated June CPI (Briefing.com consensus 1.1%; prior 1.0%) and Core CPI (Briefing.com consensus 0.6%; prior 0.6%) report at 8:30 a.m. ET.
Additional economic data releases tomorrow include:
- 7:00 ET: Weekly MBA Mortgage Index (prior -5.4%)
- 10:30 ET: Weekly crude oil inventories (prior +8.24 mln)
- 14:00 ET: June Treasury Budget (prior -$66.20 bln)
- Dow Jones Industrial Average: -14.7% YTD
- S&P 400: -19.4% YTD
- S&P 500: -19.9% YTD
- Russell 2000: -23.0% YTD
- Nasdaq Composite: -28.0% YTD
Energy complex made big downside moves
12-Jul-22 15:30 ET
Dow -207.18 at 30968.54, Nasdaq -131.21 at 11241.36, S&P -40.00 at 3814.50
[BRIEFING.COM] The market is slipping to new intraday lows with 30 minutes left in the session.
The energy complex made big downside moves today. WTI crude oil futures settled 8.0% lower to $95.48/bbl. Natural gas futures settled 4.6% lower to $6.03/mmbtu. Unleaded gasoline futures settled 5.9% lower to $3.25/gal.
On a related note, the S&P 500 energy sector (-2.6%) is the biggest laggard of the day.
Market trends lower
12-Jul-22 15:05 ET
Dow -77.35 at 31098.37, Nasdaq -86.56 at 11286.01, S&P -25.76 at 3828.74
[BRIEFING.COM] Each of the major indices are trending lower recently, setting new session lows.
As the market has trended lower, more S&P 500 sectors entered negative territory. Six of the 11 sectors trade in the red with utilities (-0.1%), consumer discretionary (-0.5%), and real estate (-0.6%) joining energy (-2.3%), health care (-1.1%), and information technology (-1.0%).
Meanwhile, communication services and financials dance around the flat line.
Copper futures made big moves today, settling the session 4.2% lower to $3.28/lb.
S&P 500 moves back into the red
12-Jul-22 14:30 ET
Dow +59.86 at 31235.58, Nasdaq -11.80 at 11360.77, S&P -4.48 at 3850.02
[BRIEFING.COM] The S&P 500 (-0.12%) is the worst-performing index today, having moved modestly back into negative territory in the last half hour.
S&P 500 constituents Mohawk (MHK 127.45, +7.05, +5.86%), Twitter (TWTR 34.20, +1.55, +4.75%), and Paramount Global (PARA 25.25, +1.08, +4.47%) dot the top of today's standings all despite a dearth of corporate news.
Meanwhile, ServiceNow (NOW 435.71, -54.69, -11.15%) is today's worst performer after CEO Bill McDermitt's comments on CNBC.
Gold lower again as dollar tops 20-year highs
12-Jul-22 14:00 ET
Dow +100.41 at 31276.13, Nasdaq +12.67 at 11385.24, S&P +2.13 at 3856.63
[BRIEFING.COM] With about two hours to go on Tuesday all three major average hold modest gains; the tech-heavy Nasdaq Composite (+0.11%) is now in second place.
Gold futures settled $6.90 lower (-0.4%) to $1,724.80/oz, cementing back-to-back losses as the dollar topped a 20-year high ahead of tomorrow's inflation report.
Meanwhile, the U.S. Dollar Index is down less than -0.1% to $107.98.
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