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Markets ended moderately higher on Wednesday after major benchmarks recovered from losses incurred earlier in the session. While, the Dow ended in the red, the S&P 500 and the Nasdaq closed in the green. Meanwhile, central banks of India, New Zealand and Thailand announced interest rate cuts.
The Dow Jones Industrial Average decreased less than 0.1%, to close at 26,007.07. The S&P 500 increased 0.1% to close at 2,883.98. The tech-laden Nasdaq Composite Index closed at 7,862.83, gaining 0.4%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.6% to close at 19.23. Decliners outnumbered advancers on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.03-to-1 ratio favored declining issues.
How Did the Benchmarks Perform?
The Dow dipped 22.5 points to close in the red due to broad-based losses. At its session lows, the Dow had dropped as much as 589 points. Shares of Caterpillar (CAT - Free Report) lost 1.1% and weighed on the 30-stock index. The stock carries 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 rose 2.2 points to end in positive territory after sinking nearly 2% at its session lows. Of the 11 major sectors of the S&P 500, eight ended in the green, with materials stocks leading the advancers. The Materials Select Sector SPDR Fund (XLB) increased 1.4% on Wednesday. Meanwhile, both the Dow and the S&P 500 exhibited their best turnaround in a session since Dec 27, 2018.
The Nasdaq gained 29.6 points to also close in the green. Shares of Apple (AAPL - Free Report) jumped 1% and supported gains for the Nasdaq.
Central Banks of New Zealand, India & Thailand Cut Rates
Citing possibilities of an aggravation in the global economic slowdown due to the U.S.-China trade war, central banks of India, New Zealand and Thailand cut their key interest rates on Wednesday. While, New Zealand reduced its lending rate to an all-time low of 1%, India reduced its repo rate by 0.35% to 5.40%. This was the fourth time in a row that the Reserve Bank of India (RBI), the country’s central bank, has slashed interest rates.
Meanwhile, the Bank of Thailand also cut its benchmark interest rate to counter a weakening economy and tepid inflation levels. The country’s central bank slashed its policy rate to 1.50% from 1.75%.
China Devalues Currency to Historic Lows
After setting its daily currency anchor at 7 yuan against the U.S. dollar, its lowest level since 2008, China pegged its official midpoint reference for yuan at 6.9996. The People’s Bank of China (PBOC) fixes the currency on a daily basis, allowing only a 2-percentage-point change on the either end of the currency’s official midpoint.
Copa Holdings, S.A.’s (CPA - Free Report) second-quarter 2019 earnings per share which beat the Zacks Consensus Estimate. (Read More)
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
Image: Bigstock
Stock Market News For Aug 8, 2019
Markets ended moderately higher on Wednesday after major benchmarks recovered from losses incurred earlier in the session. While, the Dow ended in the red, the S&P 500 and the Nasdaq closed in the green. Meanwhile, central banks of India, New Zealand and Thailand announced interest rate cuts.
The Dow Jones Industrial Average decreased less than 0.1%, to close at 26,007.07. The S&P 500 increased 0.1% to close at 2,883.98. The tech-laden Nasdaq Composite Index closed at 7,862.83, gaining 0.4%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.6% to close at 19.23. Decliners outnumbered advancers on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.03-to-1 ratio favored declining issues.
How Did the Benchmarks Perform?
The Dow dipped 22.5 points to close in the red due to broad-based losses. At its session lows, the Dow had dropped as much as 589 points. Shares of Caterpillar (CAT - Free Report) lost 1.1% and weighed on the 30-stock index. The stock carries 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 rose 2.2 points to end in positive territory after sinking nearly 2% at its session lows. Of the 11 major sectors of the S&P 500, eight ended in the green, with materials stocks leading the advancers. The Materials Select Sector SPDR Fund (XLB) increased 1.4% on Wednesday. Meanwhile, both the Dow and the S&P 500 exhibited their best turnaround in a session since Dec 27, 2018.
The Nasdaq gained 29.6 points to also close in the green. Shares of Apple (AAPL - Free Report) jumped 1% and supported gains for the Nasdaq.
Central Banks of New Zealand, India & Thailand Cut Rates
Citing possibilities of an aggravation in the global economic slowdown due to the U.S.-China trade war, central banks of India, New Zealand and Thailand cut their key interest rates on Wednesday. While, New Zealand reduced its lending rate to an all-time low of 1%, India reduced its repo rate by 0.35% to 5.40%. This was the fourth time in a row that the Reserve Bank of India (RBI), the country’s central bank, has slashed interest rates.
Meanwhile, the Bank of Thailand also cut its benchmark interest rate to counter a weakening economy and tepid inflation levels. The country’s central bank slashed its policy rate to 1.50% from 1.75%.
China Devalues Currency to Historic Lows
After setting its daily currency anchor at 7 yuan against the U.S. dollar, its lowest level since 2008, China pegged its official midpoint reference for yuan at 6.9996. The People’s Bank of China (PBOC) fixes the currency on a daily basis, allowing only a 2-percentage-point change on the either end of the currency’s official midpoint.
Stocks That Made Headlines
Marathon Oil Q2 Earnings Beat on High U.S. Output
Marathon Oil Corporation (MRO - Free Report) reported stellar second-quarter 2019 results on Aug 7, wherein earnings and revenues surpassed the respective Zacks Consensus Estimate. (Read More)
Lyft Up on Narrower-Than-Expected Q2 Loss, Upbeat View
Lyft (LYFT - Free Report) incurred a loss per share in second-quarter 2019, narrower than the Zacks Consensus Estimate. (Read More)
Copa Holdings Shares Up on Q2 Earnings & Revenue Beat
Copa Holdings, S.A.’s (CPA - Free Report) second-quarter 2019 earnings per share which beat the Zacks Consensus Estimate. (Read More)
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>