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Financial stocks jumped on Monday although the broader market struggled, as impressive economic data and quarterly results failed to boost investors’ confidence. Moreover, energy stocks weighed on markets. The Dow made meager gains, while the S&P 500 and Nasdaq ended lower. Investors also keenly watched President Donald Trump and Russian president Vladimir Putin’s summit in Helsinki, Finland. However, reaction to a joint conference by the two was muted.
The Dow Jones Industrial Average (DJI) rose 0.2%, to close at 25,064.36. The S&P 500 declined 0.1% to close at 2,798.43. The Nasdaq Composite Index closed at 7, 805.72, declining 0.3%. A total of 5.4 billion shares were traded on Monday, lower than the last 20-session average of 6.6 billion shares. Decliners outnumbered advancers on the NYSE by a 2.05-to-1 ratio. On Nasdaq, a 1.55-to-1 ratio favored declining issues.
The S&P 500 declined 2.88 points, as energy stocks offset the gains made by financials. The Financial Select Sector SPDR (XLF) gained 1.7%, while the Energy Select Sector SPDR (XLE) declined 1.2%. The Materials Select Sector SPDR (XLB) and Health Care Select Sector SPDR (XLV) declined 0.8% and 0.6%, respectively.
Financial Stocks Gain, Energy Stocks Lose
Investors are yet to feel motivated despite the fact that the earning season is in full swing. However, bank stocks rebounded on Monday after taking a hit on Friday. Shares of Goldman Sachs rallied ahead of its results on Tuesday, while Bank of America Corporation (BAC - Free Report) jumped 4.3% after the company posted impressive quarterly results.
However, a decline in energy stocks saw the S&P 500 ending in red after closing at its highest level in five months on Friday. Oil prices fell more than 4%, as Libyan ports reopened and investors expected a potential increase in supply by Russia and other countries. This saw energy stocks taking a hit with shares of Exxon Mobil and Chevron Corporation (CVX - Free Report) declining. Shares of Chevron fell 0.9%.
Strong Economic Data
The Commerce Department announced robust economic data, with U.S. retail sales rising 0.5% in June. Also, business inventories rose 0.4% in May, while sales jumped 1.4% during the same time period. However, despite impressive economic data, investors’ confidence remained low.
Offshore services provider, Tidewater Inc has proposed to buy smaller rival — GulfMark Offshore, Inc . (Read More)
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Stock Market News For July 17, 2018
Financial stocks jumped on Monday although the broader market struggled, as impressive economic data and quarterly results failed to boost investors’ confidence. Moreover, energy stocks weighed on markets. The Dow made meager gains, while the S&P 500 and Nasdaq ended lower. Investors also keenly watched President Donald Trump and Russian president Vladimir Putin’s summit in Helsinki, Finland. However, reaction to a joint conference by the two was muted.
The Dow Jones Industrial Average (DJI) rose 0.2%, to close at 25,064.36. The S&P 500 declined 0.1% to close at 2,798.43. The Nasdaq Composite Index closed at 7, 805.72, declining 0.3%. A total of 5.4 billion shares were traded on Monday, lower than the last 20-session average of 6.6 billion shares. Decliners outnumbered advancers on the NYSE by a 2.05-to-1 ratio. On Nasdaq, a 1.55-to-1 ratio favored declining issues.
How did the Benchmark Perform?
The Dow managed to gain only 44.95 points, with shares of Goldman Sachs Group, Inc. (GS - Free Report) and JPMorgan Chase & Co (JPM - Free Report) gaining 2.2% and 4%, respectively. However, shares of Caterpillar (CAT - Free Report) fell 1.9, while Johnson & Johnson (JNJ - Free Report) and Exxon Mobil Corporation (XOM - Free Report) declined 1% each. Exxon Mobil has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 declined 2.88 points, as energy stocks offset the gains made by financials. The Financial Select Sector SPDR (XLF) gained 1.7%, while the Energy Select Sector SPDR (XLE) declined 1.2%. The Materials Select Sector SPDR (XLB) and Health Care Select Sector SPDR (XLV) declined 0.8% and 0.6%, respectively.
Financial Stocks Gain, Energy Stocks Lose
Investors are yet to feel motivated despite the fact that the earning season is in full swing. However, bank stocks rebounded on Monday after taking a hit on Friday. Shares of Goldman Sachs rallied ahead of its results on Tuesday, while Bank of America Corporation (BAC - Free Report) jumped 4.3% after the company posted impressive quarterly results.
However, a decline in energy stocks saw the S&P 500 ending in red after closing at its highest level in five months on Friday. Oil prices fell more than 4%, as Libyan ports reopened and investors expected a potential increase in supply by Russia and other countries. This saw energy stocks taking a hit with shares of Exxon Mobil and Chevron Corporation (CVX - Free Report) declining. Shares of Chevron fell 0.9%.
Strong Economic Data
The Commerce Department announced robust economic data, with U.S. retail sales rising 0.5% in June. Also, business inventories rose 0.4% in May, while sales jumped 1.4% during the same time period. However, despite impressive economic data, investors’ confidence remained low.
Stocks That Made Headlines
Tidewater to Buy GulfMark, Form Combined Entity Worth $1.25B
Offshore services provider, Tidewater Inc has proposed to buy smaller rival — GulfMark Offshore, Inc . (Read More)
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>