The U.S. stock market closed near the unchanged line on
Tuesday as earnings season continued with another full-slate of
corporate results. Most of the day's gains were concentrated in
Nasdaq stocks, as the technology sector led that market
Energy, basic materials and financials were the only three
sectors to post losses on the day. Basic materials were hit very
hard in the wake of a falling out between two foreign potash
manufacturers which analysts said will trigger an immediate
decline in potash prices.
Volatility was limited in other asset classes, although crude
oil recorded a loss of over 1 percent on the day. The U.S. Dollar
was slightly higher on the session while Treasury prices were
largely unchanged. On the economic front, an index measuring
consumer confidence in July missed expectations by a narrow
The Dow Jones Industrial Average fell a little more than 1
point, or 0.01 percent, to close at 15,521.
The S&P 500 added less than a point, or 0.04 percent, to
finish at 1,686.
The Nasdaq rose around 17 points, or 0.48 percent, to finish
The Conference Board's Consumer Confidence Index fell slightly
in July. The gauge of consumer sentiment came in at 80.3, which
compared to a reading of 82.1 last month. This was below
consensus estimates which expected that the index would decline
to 81.6 for the month.
Tuesday morning's biggest earnings misses.
Crude oil futures fell on Tuesday. At last check, NYMEX crude
futures were trading down 1.37 percent to $103.12. Brent crude
futures had lost 0.50 percent and were last trading at $106.71 as
the spread between WTI crude and Brent has widened slightly in
recent days. Natural gas lost almost 1 percent on the day to
Precious metals recorded modest losses on the session. COMEX
gold futures had shed 0.23 percent while silver contracts were
last down 0.75 percent to $19.72. Copper futures fell more than 2
percent on Tuesday to $3.0410.
In the grains complex, both corn and wheat climbed on the day.
Corn futures rose 0.90 percent while wheat added 0.58 percent.
Movers in soft commodities included coffee and lumber. Coffee
futures fell 0.70 percent while lumber was down 1.25 percent.
Value investor extraordinaire Mario Gabelli likes
Treasuries were close to unchanged on Tuesday. Near the close
of equities, the iShares Barclays 20+ Year Treasury Bond ETF
) was down 0.14 percent to $107.20.
Yields were as follows on the day. The 2-Year Note yield was
sitting at 0.31 percent. The yield on the 5-Year Note was 1.38
percent. The 10-Year Note and 30-Year Bond were yielding 2.60
percent and 3.67 percent, respectively.
The U.S. Dollar was slightly higher on the session.
Approaching the closing bell, the PowerShares DB US Dollar Index
Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, was up 0.20 percent to $22.15.
The closely watched EUR/USD pair was last down 0.02 percent to
$1.3264. Other movers included the GBP/USD, which fell 0.74
percent and the AUD/USD, which was down 1.51 percent.
Volatility and Volume
The CBOE Volatility Index was slightly higher on Tuesday. At
last check, the widely watched measure of volatility expectations
had risen 0.90 percent to 13.51.
Volume remained light on the day. Around 71 million SPDR
S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of
Profit with these ETFs in August.
Shares of Boyd Gaming (NYSE:
) had climbed almost 18 percent near the close after the
company's fiscal second-quarter earnings results came in
) shares jumped more than 17 percent on Tuesday after the
company's Q2 earnings results. The stock was also upgraded by
analysts at Bank of America Merrill Lynch.
RR Donnelley & Sons (NASDAQ:
) rose almost 15 percent after the company released its fiscal
second-quarter financial results and re-affirmed its full-year
Better-than-expected fiscal Q2 results from Chart Industries
) sent that stock up almost 14 percent late on Tuesday.
Pitney Bowes (NYSE:
) was trading up better than 13 percent late on Tuesday after its
fiscal Q2 earnings report.
Goodyear Tire & Rubber (NYSE:
) jumped around 9 percent on Tuesday after the company reported
second-quarter earnings that were more than double last year's
Shares of Intrepid Potash (NYSE:
) plunged nearly 29 percent on the session amid a huge sell-off
in potash stocks. Investors fear a glut in the market after
Russian producer Uralkali ended its cooperation with Belarus'
Belaruskali. Goldman Sachs said that the development should
trigger a "significant swift decline" in potash prices.
Compass Minerals International (NYSE:
) fell around 18 percent after its second-quarter results. The
company also has exposure to the potash market.
Potash producers Mosaic (NYSE:
) and Potash Corp. of Saskatchewan (NYSE:
) also recorded large losses on the day. At last check, Mosaic
was down around 17 percent while Potash had lost more than 16
) shed almost 13 percent on Tuesday despite a 25 percent increase
in its second-quarter earnings. The results, however, missed Wall
) lost almost 10 percent on the day in the wake of a 48 percent
decline in the company's fiscal second-quarter profit.
PMC-Sierra lost roughly 6 percent during Tuesday's trading
session after the chip-maker reported a wider second-quarter loss
and a decline in revenue.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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