The stock market meandered for much of Tuesday's trading
session and some late-day selling sent the S&P 500 and Nasdaq
out with losses.
The Dow Jones Industrial Average, however, posted a small
gain. Energy prices continued to rise on the day and gold
followed up on Monday's big gains with another positive close.
Both the U.S. Dollar and U.S. Treasuries finished the day with
It was a light day on the economic front, and investors are
primarily focused on a spate of earnings reports which have
already been released this week.
After the close, Wall Street will be keeping a close eye on
results from Apple (NASDAQ:
). A big move in the stock in the wake of the company's
third-quarter report may determine the direction of the Nasdaq on
The Dow Jones Industrial Average rose 22 points, or 0.14
percent, to finish at 15,568.
The S&P 500 lost 3 points, or 0.19 percent, to close at
The Nasdaq shed 21 points, or 0.59 percent, to 3,579.
Crude oil prices were up slightly on Tuesday. Near the close,
NYMEX crude futures had climbed 0.30 percent to $107.26 while
Brent contracts were higher by 0.32 percent to $108.50. Natural
gas rose 1.60 percent on the day to $3.74.
Precious metals were mixed on the session. COMEX gold futures
added 0.40 percent to $1,342.60 while silver lost 0.56 percent to
$20.40. Copper contracts rose 0.91 percent to $3.2140.
The grains complex was largely lower on Tuesday. At last
check, corn futures were down 2.51 percent while wheat had shed
0.91 percent. Movers in soft commodities included orange juice
and lumber. Both orange juice and lumber contracts lost a little
less than 3 percent on the session.
Bonds were moderately lower on the trading session. Near the
close, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) had lost 0.53 percent to $108.78.
Yields were as follows on Tuesday afternoon: The 2-Year Note
was yielding 0.31 percent while the 5-Year Note yield was sitting
at 1.31 percent. The 10-Year Note and 30-Year Bond yield were
2.51 percent and 3.58 percent, respectively.
The U.S. Dollar fell on the day. At last check, the
PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was down 0.31 percent to $22.19.
The closely watched EUR/USD pair was last trading up 0.33
percent to $1.3233. Other movers included the USD/CAD, which fell
0.53 percent and the AUD/USD, which rose 0.56 percent.
Volatility and Volume
The CBOE Volatility Index (VIX) climbed on Tuesday as
investors looked to buy protection in the options market with the
VIX sitting at the low-end of its 52-week range. The widely
watched barometer of volatility expectations added almost 5
percent to 12.87.
Volume remained very light despite the release of dozens of
corporate earnings reports prior to the opening bell. Only around
65 million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of 137
Mac sales plummet in June.
) had risen almost 28 percent on the day after Cisco (NASDAQ:
) agreed to buy the company for $2.7 billion.
) added around 21 percent on Tuesday after the company agreed to
merge with PacWest Bancorp (NASDAQ:
). Shares of PacWest had added around 7 percent on the news in
MGIC Investment (NYSE:
) had risen around 10 percent near the close after the company's
fiscal second-quarter earnings results.
Himax Technologies (NASDAQ:
) rose another 9 percent on Tuesday. On Monday the stock surged
on news that Google (NASDAQ:
) has agreed to buy a stake in the company and has an option to
acquire an even larger ownership position in Himax in the
Silver Spring Networks (NYSE:
) had climbed around 11 percent near the close on heavier than
usual volume. The reason for the move in the stock, however, was
not readily apparent.
The Wendy's Company (NASDAQ:
) rose more than 8 percent on the session after the company swung
to a profit for its fiscal second-quarter.
BioCryst Pharmaceuticals (NASDAQ:
) was trading up 19 percent late in the day in a continuation of
a rally which started on Monday in the wake of positive drug
Allegiant Travel (NASDAQ:
) fell around 11 percent after the company's second-quarter
financial results failed to meet Wall Street expectations.
) fell roughly 10 percent on the session after the company's
fiscal second-quarter earnings release.
Penn National Gaming (NASDAQ:
) fell around 7 percent after reporting a second-quarter loss and
slashing its full-year outlook.
Domino's Pizza (NYSE:
) was trading down nearly 7 percent near the closing bell after
its second-quarter earnings results. The stock declined
throughout the day after opening slightly higher.
) was trading down more than 4 percent near the close after the
company's fiscal second-quarter financial results. Although the
company's subscriber growth in the period was at the midpoint of
its guidance range, investors had been anticipating more upside
in customer subscriptions.
Lexicon Pharmaceuticals (NASDAQ:
) lost almost 8 percent on Tuesday, although volume was lighter
than normal. The company will report its Q2 financial results on
July 30 after the market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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