Dow and S&P 500 were on a summit run touching record highs before falling back in mixed trading on Tuesday eventually petering out at the close as energy, mining and hotels weigh and as President Donald Trump delivers warning to North Korea in a press briefing late on Tuesday afternoon.
From the top:
- Indexes reverse gains edging lower
- Trump delivers warning to North Korea
- Techs rise but energy sags
- Michael Kors delivers upbeat earnings
The Dow and S&P 500 fell back after touching new record highs in mixed trading on Tuesday. Stocks were all trading lower on the big board and declining issues outpaced advancing by 2.0 to 1. The Dow fell -0.14%, the S&P 500 down -0.24% and Nasdaq -021%.
The market responded to Trump's remarks made in a briefing to reporters according to the New York Times. Trump is reported to have said: "North Korea best not make any more threats to the United States. They will be met with fire and fury like the world has never seen. He has been very threatening beyond a normal state and as I said they will be met with fire and fury and frankly power the likes of which this world has never seen before.”"
- Dow 22,085 -0.14%
- S&P 500 2,474 -0.24%
- Nasdaq 6,370 -0.21%
- Russell 2000 1,410 -0.29%
- NYSE Composite 11,943 -0.47%
- Gold 1,266 +0.13%
- Oil WTI $49 -0.63%
- 10-Year Treasury Yield 2.26% +0.01%
Techs, banks bright spots
Albermarle Corp which manaufactures speciality chemicals dived -6.23% and Brighthouse Financial continued its descent -7.81%.
Meanwhile healthcare/life sciences were up +0.22%. Biopharmaceutical FibroGen, jumped 48% after it announced its second quarter financial results and announced positive top line results for its pulmonary fibrosis Stage 2 trials.
Pamrevlumab is an antibody against anti-connective tissue growth factor (CTGF) the company is evaluating in fibrotic disease and cancer.
Tech companies Apple (+0.80%) and Microsoft (+0.54%) gained. Financial companies like 1st Financial Corp up +1.44% received a boost due to rising yields which improves their net interest margins.
Back in fashion - Michael Kors, Ralph Lauren pleases with earnings results
Luxury fashion retailers Michael Kors and Ralph Lauren saw spikes in their share prices. Michael Kors was up +21.54% as did Ralph Lauren up +13.28% on better-than-expected profits on the back of improved consumer spending.
Both companies say they are weaning themselves off of discounts and promotions which had an effect along withHowever, both companies suffered declining sales for the latest quarter. Net income fell at Michael Kors from $147m from the same period a year ago to $125m which is less than was expected.
Ralph Lauren beat the 95 cent FactSet consensus according to Dow Jones Newswires, its adjusted EPS was $`1.11. The company had a net income of $59.5m against a loss of $22.3m for the same period last year. Total revenue was $1.35bn ahead of expectations for $1.34bn and a decrease from $1.55bn.