News from the top:
- Dow declines under weight of underperforming financial stocks
- Senate jettisons healthcare bill, adds to dollar woes
- Did Goldman Sachs fall from King to Jack of bond trades?
- Chipotle stock slides on health scare
Banking sector losses weighed heavily on the blue chip index propelling it downwards from recent highs, while technology-laden Nasdaq rode high on strength of Netflix's earning results.
The Dow fell -54 points or -0.25% to close at 21,574. The S&P 500 regained momentum and edged up +1.47 points or +0.06% to 2,460. Nasdaq carried its eighth straight day of gains climbing 29 points or +0.47% to a record 6,344.
- Dow 21,574 -0.25%
- S&P 500 2,460 +0.06%
- Nasdaq 6,344 +0.47%
- Russell 2000 1,427 -0.28%
- NYSE Composite 11,877 -0.11%
- Gold 1,241 +0.63%
- Oil WTI $48.91 +1.01%
- 10-Year Treasury Yield 2.25% -0.01
Senate jettisons healthcare bill adds to dollar woes
Investors' outlook for the dollar falters after Republicans dumped their troublesome healthcare bill that sought to replace the Affordable Care Act.
The euro was up against the dollar +0.69% to $1.15. Gold also rose on the strength of the dollar +0.62% to $1,241 and brent crude crept up 1.03% to $48 a barrel.
The market interpreted the Republican inability to pass legislation as a harbinger of other policies, heralded by President Trump that may also be unlikely to pass.
Promulgating the dollar's decline is the soft inflation data and the apparent trend for tightening monetary policies by other global central banks.
Did Goldman Sachs fall from King to Jack of bond trades?
It was Goldman Sachs and Bank of America's turn to reveal their second quarter results which continued the trend for banks reporting thus far, to beat analysts' expectations.
Goldman Sachs slumped -2.60% and Bank of America nipped down -0.50% at closing. Goldman had a strong performance in investing and lending divisions and beat earnings estimates of $3.39 with actual EPS of $3.95.
However the investment bank's famed fixed-income trading declined a steep -40%. Its the worst performance amongst other banks that have reported results and declines in bond trading so far such as Bank of America and JPMorgan Chase.
Losing a bit of its sheen and perhaps its crown as King of bond trading as investors questioned whether it had a strategy to tackle weaknesses.