Consumer Sentiment at Five-Year Best, but Markets Little Moved

By
A A A

After being up roughly 75 points in early action, the Dow Jones Industrial Average (DJI) turned south just before midday and stayed near breakeven for the latter half of the day. "The broad market once again tried to form a rally early on, but succumbed to selling pressure in the late afternoon," said Schaeffer's Senior Equities Analyst Joe Bell. "The Thomson Reuters/University of Michigan consumer sentiment survey was released this morning, and came in at its best level since September 2007. Despite the positive news, however, most sectors were unable to hold onto gains."

Keep reading to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

Dow Jones Industrial Average (DJI - 13,328.85) BA BAC JNJ

The S&P 500 Index (SPX - 1,428.59) and Nasdaq Composite (COMP - 3,044.11) also burned off early gains, but settled below the breakeven mark by the time the dust settled. The SPX fell 4.3 points, or 0.3%, on the day, and sawed off 2.2% for the week -- its lowest weekly perch since early September. Meanwhile, the COMP notched a 5.3-point, or roughly 0.2%, daily deficit, and an even greater 2.9% weekly defeat -- its lowest weekly reading in two months.

The CBOE Market Volatility Index (VIX - 16.14) was up 0.6 point, or 3.5%, today, bringing its weekly return to 12.6%.

Today's highlight : "We got a first round of financial earnings reports, but the reaction wasn't very positive," pointed out Bell. "Financials were the clear laggard today, as JPMorgan Chase & Co. (JPM) and Wells Fargo & Company (WFC) both reported earnings that underwhelmed investors."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Oil futures dipped again today, on the heels of the International Energy Agency report estimating weaker oil demand this year. Lower gasoline prices also weighed on the commodity. Against this backdrop, November-dated crude gave up 21 cents, or 0.2%, to end at $91.86 a barrel. For the week, oil closed higher by 2.2%.

In a rather slow news day, gold futures took a hit on a rise in U.S. consumer sentiment and a round of profit taking by investors. By the close, gold for December delivery lost $10.90, or 0.6%, to settle at $1,759.70 an ounce. The precious metal posted a 1.2% loss on the week.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,328.85) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,428.59) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,044.11) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: AAPL , BA , BAC , CLH , JNJ

Schaeffer's Investment Research

Schaeffer's Investment Research
  • See all for Schaeffer's Investment Research
  • View Print Version

More from Schaeffer's Investment Research:

Related Videos

Stocks

Referenced

Most Active by Volume

112,131,130
  • $74.98 ▲ 5.18%
57,963,905
  • $8.32 ▲ 8.33%
48,392,602
  • $3.45 ▼ 0.29%
45,276,527
  • $36.17 ▲ 4.21%
44,800,927
  • $17.84 ▲ 0.34%
44,539,649
  • $97.03 ▼ 0.16%
44,078,180
  • $15.62 ▲ 0.64%
43,461,551
  • $35.50 ▼ 1.06%
As of 7/24/2014, 04:04 PM