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Wall Street closed mixed on Tuesday, pulled down by industrial stocks. Treasury yields continued to rise, while oil prices extended their gains. Two of the three most widely followed indexes closed the session marginally in the red, while one closed in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) ticked down 6.71 points, remaining virtually unchanged at 42,924.89. Thirteen components of the 30-stock index ended in negative territory, one remained unchanged and 16 ended in positive.
The tech-heavy Nasdaq Composite rose 33.12 points, or 0.2%, to close at 18,573.13.
The S&P 500 declined 2.78 points, or 0.1%, to close at 5,851.20. Seven of the 11 broad sectors of the benchmark index closed in the red. The Industrials Select Sector SPDR (XLI), the Materials Select Sector SPDR (XLB) and the Consumer Discretionary Select Sector SPDR (XLY) fell 1.2%, 0.9% and 0.4%, respectively, while the Consumer Staples Select Sector SPDR (XLP) rose 0.6%.
The fear-gauge CBOE Volatility Index (VIX) decreased 0.9% to 18.20. A total of 11.5 billion shares were traded on Tuesday, higher than the last 20-session average of 11.3 billion. Decliners outnumbered advancers by a 1.37-to-1 ratio on the NYSE while the Nasdaq Composite recorded 72 new highs and 61 new lows.
Elections Leaving an Impact on Treasury Yields
The yield on the benchmark 10-year treasury continued to rise on Tuesday. It reached 4.222% in the session, its highest since July 26. A specific event that is seriously affecting bond yields is the upcoming U.S. presidential elections, as the results could determine whether federal borrowing surges.
There is a general consensus that a win from Kamala Harris with a split House and Senate would have no impact on the 10-year yield, a Trump win with a divided Congress would send it up somewhat, a Democratic sweep would lead to a bigger rise and a Republican sweep would cause the biggest rise. Some suggest that the Republican win could end up sending the 10-year to about 4.6%, a level not seen since May.
Trading remained choppy throughout the session, and market participants continued to keep an eye on the earnings season to accurately sense the direction of the markets. Industrials and materials became the biggest winners in the session.
Oil prices advanced for two sessions in a row as traders tried to downplay hopes of a Middle East ceasefire and focused on signs of demand strengthening in China. Brent crude gained $1.75, or 2.4%, to settle at $76.04/barrel. WTI crude rose $1.53, or 2.2%, to $72.09/ barrel.
No economic data was released on Tuesday.
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Stock Market News for Oct 23, 2024
Wall Street closed mixed on Tuesday, pulled down by industrial stocks. Treasury yields continued to rise, while oil prices extended their gains. Two of the three most widely followed indexes closed the session marginally in the red, while one closed in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) ticked down 6.71 points, remaining virtually unchanged at 42,924.89. Thirteen components of the 30-stock index ended in negative territory, one remained unchanged and 16 ended in positive.
The tech-heavy Nasdaq Composite rose 33.12 points, or 0.2%, to close at 18,573.13.
The S&P 500 declined 2.78 points, or 0.1%, to close at 5,851.20. Seven of the 11 broad sectors of the benchmark index closed in the red. The Industrials Select Sector SPDR (XLI), the Materials Select Sector SPDR (XLB) and the Consumer Discretionary Select Sector SPDR (XLY) fell 1.2%, 0.9% and 0.4%, respectively, while the Consumer Staples Select Sector SPDR (XLP) rose 0.6%.
The fear-gauge CBOE Volatility Index (VIX) decreased 0.9% to 18.20. A total of 11.5 billion shares were traded on Tuesday, higher than the last 20-session average of 11.3 billion. Decliners outnumbered advancers by a 1.37-to-1 ratio on the NYSE while the Nasdaq Composite recorded 72 new highs and 61 new lows.
Elections Leaving an Impact on Treasury Yields
The yield on the benchmark 10-year treasury continued to rise on Tuesday. It reached 4.222% in the session, its highest since July 26. A specific event that is seriously affecting bond yields is the upcoming U.S. presidential elections, as the results could determine whether federal borrowing surges.
There is a general consensus that a win from Kamala Harris with a split House and Senate would have no impact on the 10-year yield, a Trump win with a divided Congress would send it up somewhat, a Democratic sweep would lead to a bigger rise and a Republican sweep would cause the biggest rise. Some suggest that the Republican win could end up sending the 10-year to about 4.6%, a level not seen since May.
Trading remained choppy throughout the session, and market participants continued to keep an eye on the earnings season to accurately sense the direction of the markets. Industrials and materials became the biggest winners in the session.
Consequently, shares of Trane Technologies plc (TT - Free Report) and TransDigm Group Incorporated (TDG - Free Report) lost 2.2% and 2.6%, respectively. Trane currently carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Oil Prices Extend Gains on Tuesday
Oil prices advanced for two sessions in a row as traders tried to downplay hopes of a Middle East ceasefire and focused on signs of demand strengthening in China. Brent crude gained $1.75, or 2.4%, to settle at $76.04/barrel. WTI crude rose $1.53, or 2.2%, to $72.09/ barrel.
No economic data was released on Tuesday.