Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

The Closing Bell: Stocks Close Little Changed As Tech Sector Stumbles

TedTed
edited September 10 in Fund Discussions
FYI: U.S. stocks fell Tuesday as renewed concerns about slowing global growth weighed on technology shares.

The Dow Jones Industrial Average rose 73 points, or 0.28%. The S&P 500 was up 0.03% as a decline in technology stocks offset gains elsewhere. The Nasdaq Composite shed 0.04%.

Shares of software companies and chip makers slumped, with Microsoft and Applied Materials dropping 1.6% and 1.2%, respectively. Both groups have come under pressure recently amid anxiety about the U.S.-China trade dispute and speculation over a downturn in the global economy.

Analysts were also monitoring Apple’s annual showcase this afternoon, where the tech giant revealed a trio of new iPhones. Apple shares ticked up 0.2%.

Data released Tuesday showed U.S. job openings fell for a second straight month in July, a potential indication that the recent hiring slowdown is a sign that companies are being cautious. Job openings, a closely watched measure of labor market health, dropped 3% from a year earlier in July to 7.217 million after declining 2% in June, the Labor Department said in its latest Job Openings and Labor Turnover Survey.

Unlike in the U.S., where investors seem fairly confident that an interest-rate cut is coming, European investors remain skeptical of how aggressive the ECB will be, said David Madden, a market analyst with CMC Markets.

Shares of Wells Fargo slipped 0.3% after UBS cut its rating on the bank to “neutral” from “buy,” saying the bank lacks visibility on profitability improvement.

The yield on the 10-year Treasury edged up to 1.688% Tuesday, from 1.632% Monday.

In commodities, U.S. crude oil slipped 0.8% to settle at $57.40 a barrel. Oil investors were eyeing a Thursday meeting of the Organization of the Petroleum Exporting Countries and its allies for indications of their agreed production goals. Additionally, the chief executive of Saudi Arabia’s state-run oil company on Tuesday said it is ready for an initial public offering whenever shareholders decide.

Gold prices fell 0.8% to settle at $1490.30 a troy ounce.

Elsewhere, the Stoxx Europe 600 rose 0.1%. Asian markets were muted, with the Shanghai Composite down 0.1% and Japan’s Nikkei 225 up 0.4%. Hong Kong’s Hang Seng was flat.

Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-09-10/your-evening-briefing

MarketWatch:
https://www.marketwatch.com/story/stock-futures-drift-lower-put-sp-500-in-danger-of-back-to-back-losses-2019-09-10/print

WSJ:
https://www.wsj.com/articles/global-stocks-dip-with-central-banks-in-focus-11568102593

Bloomberg:
https://www.bloomberg.com/news/articles/2019-09-09/asia-stocks-seen-mixed-sovereign-yields-climb-markets-wrap?srnd=premium

IBD:
https://www.investors.com/market-trend/stock-market-today/tech-stocks-recover-aapl-leads-faang-stocks/

CNBC:
https://www.cnbc.com/2019/09/10/dow-futures-trade-lower-ahead-of-new-us-jobs-data-and-apple-event.html

Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-dips-as-tech-stocks-lag-trade-hopes-cushion-fall-idUSKCN1VV1CR

U.K:
https://uk.reuters.com/article/uk-britain-stocks/jd-sports-leads-ftse-100-higher-rate-cut-hopes-support-idUKKCN1VV0N9

Europe:
https://www.reuters.com/article/us-europe-stocks/defensives-lead-europe-stocks-lower-ahead-of-ecb-meeting-idUSKCN1VV0MS

Asia:
https://www.cnbc.com/2019/09/10/asia-markets-sept-10-china-inflationus-china-trade-oil-currencies.html

Bonds:
https://www.cnbc.com/2019/09/10/us-treasury-yields-higher-ahead-of-fresh-jobs-data.html

Currencies:
https://www.cnbc.com/2019/09/10/forex-markets-us-china-trade-war-in-focus.html

Oil:
https://www.cnbc.com/2019/09/10/oil-markets-opec-saudi-arabia-in-focus.html

Gold:
https://www.cnbc.com/2019/09/09/gold-markets-monetary-policy-in-focus.html

WSJ: Markets At A Glance:
https://markets.wsj.com/us

Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor

SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

Current Futures:
https://finviz.com/futures.ashx

Sign In or Register to comment.