From the top:
- Mixed trading ends lower for the Dow and S&P 500
- Nasdaq rockets to a historical high
- Dollar at sea
- Blue Apron boost from positive rating
- Sporting goods take a dive
The Dow and S&P 500 closed lower after an up and down trading session at the start of the week, while the Nasdaq rocketed to another record high. The Dow fell -66 points to 21,531 and S&P 500 slipped -2.63 points to close at 2,469. Market jitters may be a result of the looming Federal Reserve Monetary Policy decision due on Wednesday.
Nasdaq, however, broke market lethargy as technology stocks gathered strength closing up 23 points to a record-breaking 6,410. Tesla saw the largest percentage gain on the day up 4.3%. On the Dow, GE reversed its gains falling -1.85% while Caterpillar perked up +1.49%. Last week's trickle of earnings will become a flood this week as a number of companies including Amazon, AT&T, Dupont, Facebook and Exxon Mobil are due to report.
The dollar remains at sea as investors continue to lose confidence in a moribund US administration and Trump's escalating Russia investigation. Still the greenback has strengthened somewhat after last week's sharp descent. The euro was up 1.1% to $1.16.
- Dow 21,531 -0.31%
- S&P 500 2,469 -0.11%
- Nasdaq 6,410 +0.36%
- Russell 2000 1,438 +0.15%
- NYSE Composite 11,904 -0.17%
- Gold 1,261.8 +0.06%
- Oil WTI $48.6 +1.29%
- 10-Year Treasury Yield 2.25% +0.02%
Blue Apron boost from underwriters
Blue Apron, the meal kit provider, got a boost after its lead underwriter for its recent IPO and other banks gave it a buy rating resulting in a 13% lift to $7.41.
Amazon's launch of a new service to compete in its space last week has receded on the latest coverage of the stock with some analysts declaring the market overly sensitive to the threat of the retail giant.
The company fell below its $10 issue price within a day of its launch. Over the last month it fell -25% versus the S&P 500 up at +1.30%.
Sporting good retailers take a dive
Foot Locker slid -4.58% along with other sporting goods companies after Hibbett which dived -33% said it expected same-store sales to fall by around 10% for the second quarter. Competitor Dick's Sporting Goods was also down -5.49%.
Hibbett in its statement said it was also launching an e-commerce site. However, sporting goods late to the online party are likely to suffer from the 'Amazon effect' as the company binges on other retail opportunities. Take the recent move of Nike (-1.67%) to using Amazon's platform to sell a limited product range.
Other companies releasing Q2 results that lagged include Hasbro which dropped -9.44% despite beating on earnings but fell as a result of sagging revenues.
Halliburton had great second quarter results with revenues surging 83 percent to $2.77 bn on the back of surging demand for pumping and well construction in North America. The stock price lifted 3% initially in trading before slumping -4.21%.
Breaking news: Jared Kushner testifies before the Committee and declares "nothing to hide" as he releases his statement denying collusion with any foreign government or knowing of anyone else in the campaign who did.
Meanwhile on Capitol Hill, healthcare measure is brought back from the brink as Republican leaders push for a motion to proceed to debate healthcare legislation but remain light on the details of what the measure is.