Major US stock indices fell moderately, interrupting the three-day rally, as the decline in financial companies outweighed the solid growth in shares of the retailer Home Depot (HD).
Shares of major US banks such as Citigroup (C), Bank of America (BAC) and J.P. Morgan Chase (JPM) fell in price amid falling treasury yields. Yields on 10-year bonds fell 5 basis points to 1.55%.
Home Depot reported a quarterly profit of $ 3.17 per share, which was higher than the average forecast of analysts at $ 3.08. However, the company's revenue was slightly below forecasts. In addition, comparable sales increased by 3% compared to analysts forecast + 3.5%. Home Depot said its sales were affected by lower sawnwood prices, and it lowered its full-year sales forecast, noting that tariffs could affect US consumer spending. However, HD stock prices jumped 4.63%.
Investors look forward to the publication of the minutes of the July meeting of the Federal Reserve System (FRS) on Wednesday, as well as statements by Fed Chairman Jerome Powell on Friday at the annual conference of central banks in Jackson Hole (Wyoming). Powell's comments will be closely monitored for tips on whether to expect further easing of the policy amid the ongoing trade war with China and growing fears of an impending recession, signaled by an inversion of the US bond yield curve last week.
Most DOW components recorded a decrease (25 out of 30). Outsiders were shares of Dow Inc. (DOW, -5.39%). The biggest gainers were Home Depot Inc. (HD, + 4.63%).
Almost all S&P sectors completed trading in the red. The largest decline was shown by the financial sector (-0.8%). Only the conglomerate sector grew (+ 0.8%).
At the time of closing:
Dow 25,962.44 -173.35 -0.66%
S&P 500 2,900.51 -23.14 -0.79%
Nasdaq 100 7,948.56 -54.25 -0.68%
Mazen Issa, the senior FX strategist at TD Securities, suggests that, as the markets await key Fed events in the minutes and the symposium this week, the broad USD is off to a firm start and it comes against a backdrop of suppressed U.S. Treasury (and global) bond yields.
U.S. stock-index futures traded little-changed on Tuesday as investors paused after a three-day rally, which was triggered by hopes that major economies would act to counter a global economic slowdown.
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | 20,677.22 | +114.06 | +0.55% |
Hang Seng | 26,231.54 | -60.30 | -0.23% |
Shanghai | 2,880.00 | -3.09 | -0.11% |
S&P/ASX | 6,545.00 | +77.60 | +1.20% |
FTSE | 7,200.83 | +11.18 | +0.16% |
CAC | 5,373.96 | +2.40 | +0.04% |
DAX | 11,709.21 | -6.16 | -0.05% |
Crude oil | $55.98 | -0.29% | |
Gold | $1,514.70 | +0.21% |
(company / ticker / price / change ($/%) / volume)
3M Co | MMM | 162.8 | -0.15(-0.09%) | 554 |
ALCOA INC. | AA | 18.3 | 0.07(0.38%) | 120 |
Amazon.com Inc., NASDAQ | AMZN | 1,820.06 | 3.94(0.22%) | 17699 |
Apple Inc. | AAPL | 211.09 | 0.74(0.35%) | 127718 |
AT&T Inc | T | 35.35 | -0.03(-0.08%) | 25573 |
Boeing Co | BA | 334.1 | 0.32(0.10%) | 3996 |
Caterpillar Inc | CAT | 117.5 | 0.14(0.12%) | 673 |
Chevron Corp | CVX | 117.59 | 0.28(0.24%) | 2074 |
Cisco Systems Inc | CSCO | 48.56 | 0.06(0.12%) | 8010 |
Citigroup Inc., NYSE | C | 64.15 | -0.16(-0.25%) | 3998 |
Exxon Mobil Corp | XOM | 69.64 | 0.19(0.27%) | 3145 |
Facebook, Inc. | FB | 186.36 | 0.19(0.10%) | 39424 |
FedEx Corporation, NYSE | FDX | 159 | 0.69(0.44%) | 654 |
Ford Motor Co. | F | 9.05 | 0.02(0.22%) | 5418 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 9.21 | -0.04(-0.43%) | 6200 |
General Electric Co | GE | 8.64 | -0.03(-0.35%) | 315903 |
General Motors Company, NYSE | GM | 37.54 | 0.18(0.48%) | 101 |
Goldman Sachs | GS | 202 | -0.20(-0.10%) | 800 |
Google Inc. | GOOG | 1,198.93 | 0.48(0.04%) | 1907 |
Hewlett-Packard Co. | HPQ | 18.9 | -0.31(-1.61%) | 13150 |
Home Depot Inc | HD | 213.16 | 5.21(2.51%) | 218735 |
Intel Corp | INTC | 47.16 | -0.07(-0.15%) | 5640 |
International Business Machines Co... | IBM | 134.99 | -0.05(-0.04%) | 3935 |
JPMorgan Chase and Co | JPM | 108.4 | -0.29(-0.27%) | 2339 |
Merck & Co Inc | MRK | 86.35 | 0.16(0.19%) | 770 |
Nike | NKE | 80.62 | -0.51(-0.63%) | 2632 |
Pfizer Inc | PFE | 35.19 | 0.01(0.03%) | 7148 |
Procter & Gamble Co | PG | 120.43 | 0.19(0.16%) | 299 |
Tesla Motors, Inc., NASDAQ | TSLA | 228.5 | 1.67(0.74%) | 51614 |
Twitter, Inc., NYSE | TWTR | 41.84 | 0.14(0.34%) | 10932 |
Verizon Communications Inc | VZ | 57.16 | 0.16(0.28%) | 2715 |
Visa | V | 180 | 0.26(0.14%) | 2543 |
Wal-Mart Stores Inc | WMT | 113.77 | -0.04(-0.04%) | 11000 |
Walt Disney Co | DIS | 133.7 | -1.59(-1.18%) | 41420 |
Yandex N.V., NASDAQ | YNDX | 36.36 | -0.05(-0.14%) | 300 |
Walt Disney (DIS) target lowered to $140 from $147 at Imperial Capital
DuPont (DD) target lowered to $77 from $83 at Cowen
HP (HPQ) downgraded to Neutral from Buy at Citigroup; target lowered to $21
AT&T (T) removed from BofA/Merrill's US 1 List
Kohl's (KSS) reported Q2 FY 2019 earnings of $1.55 per share (versus $1.76 in Q2 FY 2018), beating analysts’ consensus estimate of $1.53.
The company’s quarterly revenues amounted to $4.430 bln (-3.1% y/y), beating analysts’ consensus estimate of $4.248 bln.
The company reaffirmed guidance for FY 2019, projecting EPS of $5.15-5.45 versus analysts’ consensus estimate of $5.22.
KSS rose to $50.20 (+4.15%) in pre-market trading.
Home Depot (HD) reported Q2 FY 2019 earnings of $3.17 per share (versus $3.05 in Q2 FY 2018), beating analysts’ consensus estimate of $3.08.
The company’s quarterly revenues amounted to $30.839 bln (+1.2% y/y), generally in line with analysts’ consensus estimate of $30.984 bln.
The company also issued guidance for FY 2019, projecting EPS of +3.1% y/y to ~$10.34 (versus analysts’ consensus estimate of $10.10) and revenues of +2.3% y/y to ~$110.7 bln (versus analysts’ consensus estimate of $111.18 bln).
HD rose to $212.00 (+1.95%) in pre-market trading.
Index | Change, points | Closed | Change, % |
---|---|---|---|
NIKKEI 225 | 144.35 | 20563.16 | 0.71 |
Hang Seng | 557.62 | 26291.84 | 2.17 |
KOSPI | 12.73 | 1939.9 | 0.66 |
ASX 200 | 61.9 | 6467.4 | 0.97 |
FTSE 100 | 72.5 | 7189.65 | 1.02 |
DAX | 152.63 | 11715.37 | 1.32 |
Dow Jones | 249.78 | 26135.79 | 0.96 |
S&P 500 | 34.97 | 2923.65 | 1.21 |
NASDAQ Composite | 106.82 | 8002.81 | 1.35 |
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