Information technology lead losses and telecommunications lead gains
US stocks ended in a mixed mode at Wall Street on Tuesday, 23 July 2013. While Dow was the only index to end in the green, Nasdaq and S&P 500 ended in the red. Stocks fell after a decline in a regional manufacturing gauge prompted concern.
The Dow Jones Industrial Average ended up 22.19 points, or 0.1%, at 15,567.74. The Nasdaq Composite lost 21.11 points, or 0.6%, to end at 3,579.27. The S&P 500 index fell 3.14 points, or 0.2%, to 1,692.39.
Information technology led losses and telecommunications led gains among the 10 major sectors.
It was another quiet, summertime day in the market place on Tuesday. Overnight, Asian stock markets were supported on reports that China's premier said China's economic growth needs to be above a 7% annual pace in order to reach China's goal of doubling the size of its economy this decade. Last week, China's second-quarter GDP was reported at a 7.5% annual clip. The premier's comments suggested China will focus more on economic stimulus. A key Chinese manufacturing report is due out Wednesday. European stocks were also lifted modestly on the China news.
The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.2% on Tuesday.
Among economic data expected at Wall Street today, it was limited to the May FHFA Housing Price Index, which increased 0.7% to follow a 0.5% uptick observed during the prior month.
More From This Section
The Dow outperformed the broader market as the relative strength of United Technologies provided the index with enough support to keep it in positive territory throughout the session. In addition, DuPont displayed early strength, but ended in the red. Both companies reported bottom-line beats on below-consensus revenue and DuPont announced it will seek strategic alternatives for its Performance Chemical segment.
The materials sector was closely followed by yesterday's biggest laggard, energy. Elsewhere, utilities and telecom services settled with respective gains of 0.3% and 0.4% while the remaining sectors ended in the red. Financials and technology spent most of the day in negative territory.
Tech shares displayed broad weakness, with the largest sector component, Apple sliding 1.7% ahead of its after-hours earnings report. Meanwhile, chipmakers underperformed even after Texas Instruments reported slight earnings beat on an 8.6% year-over-year decline in revenue.
Bullion metal prices ended lower on Tuesday, 23 July 2013 at Comex. Prices fell from recent highs on Tuesday due to some correction. Somewhat adding to the mildly negative daily tone in gold Tuesday were reports late Monday that India's government will add further restrictions on the importation of gold, in order to reduce its current account deficit.
Gold for August delivery ended lower by $1.3 (0.1%) at $1,334.7 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday. September silver ended lower by $0.26 (1.2%) at $20.25 an ounce on Tuesday.
Crude-oil prices ended moderately higher on Tuesday, 23 July 2013 at Nymex. Prices settled back above $107 a barrel on Tuesday as traders anticipated that weekly supplies will show a drop for last week. Light and sweet crude for August ended higher by $0.29 (0.3%) at $107.23 a barrel on the New York Mercantile Exchange on Tuesday.
More than 620 million shares traded on the New York Stock Exchange. Composite volume topped 3 billion.
Indian ADRs ended lower on Tuesday. In the IT space, Infosys was down 0.6% and Wipro was down 0.9%. In the Banking space, HDFC Bank was down 2.2% and ICICI Bank was down 1.7%. In other space, Tata Motors was down 0.2%, and Sterlite was up 0.7%.
Tomorrow's economic data will be limited to the weekly MBA Mortgage Index which will be reported at 7:00 ET and June new home sales will be announced at 10:00 ET. On the earnings front, Boeing and Ford Motor will report their results before the opening bell.
Powered by Capital Market - Live News