Stocks were slightly lower Tuesday, trading in a narrow range
after better-than-expected factory orders and strength in the
non-manufacturing piece of the U.S. economy rekindled fears that
the Federal Reserve could soon adopt a more restrictive monetary
policy. The economic data overshadowed upbeat earnings from Coach (
) and CVS Caremark (
), as well as a stronger dollar and easing geo-political
Tuesday's economic calendar kicked off with a small downward
revision to the July PMI services index to a final 60.8 reading,
missing the market consensus looking for the index to remain
unchanged at 61.0.
After the open, the Commerce Department reported a 1.1% gain in
June factory orders to a record high $503.2 billion, beating
estimates for a 0.6% gain, and more than reversing a revised 0.6%
decline in May.
Finally, the Institute for Supply Management index for the
services industry jumped to a 58.7 reading, exceeding expectations
for a small rise to 56.5 in July from the 56.0 score last
European equities managed to close higher despite the downbeat
tone on Wall Street with strong corporate earnings fueling the
majority of Tuesday's gains. Although the EU services PMI declined
from the month prior, Spain and Germany and the UK all reported an
improving non-manufacturing sector, while EU retail sales rose
significantly from year ago levels.
Crude oil was down $0.69 to $97.57 per barrel. Natural gas was
up $0.06 $3.90 per 1 million BTU. Gold was down $3.40 to $1,285.60
an ounce, while silver was down $0.41 to $19.82 an ounce. Copper
was down $0.04 to $3.21 per pound.
Among energy ETFs, the United States Oil Fund was down 0.99% to
$36.12 with the United States Natural Gas Fund was up 1.13% to
$21.43. Among precious-metal funds, the Market Vectors Gold Miners
ETF was down 1.11% to 25.67 while SPDR Gold Shares were down 0.32%
to $123.59. The iShares Silver Trust was down 1.98% to $19.02.
Here's where the U.S. markets stand at mid-day:
NYSE Composite Index down 57.63 (-0.54%) to 10,709.05
Dow Jones Industrial Average down 88.88 (-0.54%) to
S&P 500 down 11.78 (-0.61%) to 1,927.21
Nasdaq Composite Index down 24.40 (-0.56%) to 4,359.49
Nikkei 225 Index -1.00%
Hang Seng Index +0.20%
Shanghai China Composite Index down 0.15%
FTSE 100 Index up 0.07%
CAC 40 up 0.37%
DAX up 0.39%
NYSE SECTOR INDICES
NYSE Energy Sector Index up 0.78%
NYSE Financial Sector Index down 0.67%
NYSE Healthcare Sector Index down 0.34%
(+) MWA (+14.72%) Upgraded by Brean to Buy from Hold.
(+) ISR (+9.01%) Study shows 'superior' results with its
(+) CHGG (+16.13%) Reported Q2 earnings of $0.00 per share on
(+) GIGA (+19.81%) Net sales were up 50% from Q1 2014.
(-) AMSC (-11.01%) Missed Q1 revenue estimates, issues
(-) OXFD (-9.62%) Reports wider than expected Q2 loss, guides Q3
revenue below estimates.
(-) ENZY (-36.62%) Misses earnings and revenue estimates, EPS
guidance below street consensus.
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