Another 150 S&P 500 companies will report earnings this week. (Photo: bylolo for Unsplash)
MARKET OVERVIEW. The New York Stock Exchange ended a hesitant session on Monday after a strong month in July.
Consult market news (again).
Stock market indices at close of trading
In Toronto, the S&P/TSX rose by 236.22 points (+1.21%) to 19,692.92 points.
In New York, the S&P500 fell 11.66 points (-0.28%) to 4,118.63 points.
the Nasdaq fell 21.71 points (-0.18%) to 12,368.98 points.
the DOW closed up 46.73 points (-0.14%) at 32,798.40 points.
the loons ended down $0.0028 (-0.3590%) at $0.7788.
the oil fell $4.55 (-4.61%) to $94.07.
L’gold rose $7.50 (+0.42%) to $1,789.30.
the Bitcoin closed at $718.50 (-3.02%) at $23,075.20.
“There wasn’t much to dig into today: no big corporate results, a slightly better than expected manufacturing activity indicator and the market was very strong weeks ahead and a week into,” B. Riley Wealth’s Art Hogan said AFP.
“We were in a bit of ‘we’ll wait and see’ mode,” he said.
During the week, investors will be watching the US Service Sector Activity Index on Wednesday and their focus on Friday’s payrolls.
These should indicate whether the economy is slowing down as GDP contracted (-0.9%) in the second quarter. The forecasts are for 250,000 new jobs after 372,000 in June and a stable unemployment rate of 3.6%.
Manufacturing activity growth in the United States slowed somewhat in July, according to the ISM index released Monday, which fell to its lowest level for the second month since June 2020.
However, at 52.8%, down 0.2 points compared to June, it was better than expected, especially as the invoiced prices component slowed its rise.
Exchange volume is low, which explains the volatility of the indices, which have fluctuated from green to red throughout the day, Art Hogan pointed out.
Another 150 S&P 500 companies will report earnings this week. among them Above, Caterpillar, Eli Lilli, Starbucks.
Boeing (BA) Soared 6.13% to $169.07 as the FAA is about to give the green light to resume deliveries of the long-haul 787, which is more than a year old after discovering multiple manufacturing defects .
The device’s certification plan has been approved, but deliveries are not imminent, a source familiar with the matter said.
The cruise line Royal Caribbean (RCL) fell 7.57% to $35.78 after the company announced it would issue a $900 million (M$) loan to buy back some of its debt. The other cruise passengers also drank the cup, eh Norwegian Cruise (NCLH, $11.98, -1.40%) Where Carnival Corporation (CCL, $8.92, -1.55%).
Oil company shares fell as oil prices fell ahead of a meeting of OPEC+ producers on Wednesday and on fears of a slowdown in China, whose manufacturing activity marked the time in July.
Exxon (XOM) lost 2.53% to $94.47 and Chevron (CVX) 2% to $160.51.
Seven out of 11 S&P sectors ended negatively, with Energy at the top.
Bond yields on 10-year Treasury bills fell further to 2.59% from 2.64% on Friday, their lowest since early April.
The greenback also weakened against the major currencies.