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Market Commentary

Main Street Rally

By Charles Payne, CEO & Principal Analyst
8/3/2017 12:56 PM
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The indices pare gains and are currently down with the exception of the Dow that is still finding a balance to be in the green side of the chart. The Dow moved above the 22,000 briefly, to a new intraday record, the S&P 500 and Nasdaq are losing ground, mostly dragged by Apple (AAPL), Amazon (AMZN), and Microsoft (MSFT).

Eight out of the 11 S&P sectors were lower, with the energy sector leading the decliners.

Sector Performance

% Change

S&P 500 Index

-0.23%

 

Consumer Discretionary (XLY)

-0.05%

 

Consumer Staples (XLP)

 

+0.29%

Energy (XLE)

-0.80%

 

Financials (XLF)

-0.43%

 

Health Care (XLV)

 

+0.02%

Industrials (XLI)

-0.04%

 

Materials (XLB)

-0.06%

 

Real Estate (XLRE)

-0.06%

 

Technology (XLK)

-0.28%

 

Utilities (XLU)

-0.047%

 
 

Investors are also keeping an eye on economic data for clues on the U.S. economy. Today, the Labor Department showed the weekly jobless claims dropped last week, which didn’t generate much reaction in the market, but it is a good sign of a strong labor market.  Of course, the big jobs report comes from the federal government tomorrow.

On the other hand, ISM said its non-manufacturing index cooled off in July, falling to 53.9 from 57.4 in June.  The biggest than expected decrease came from business activity index that dropped to 55.9 in July from 60.8 in June and new orders index fell to 55.1 from 60.5. This shows that July was a quiet month, now investors will start focusing on busy August through December peak season that will show the real picture.

Declining issues outnumbered advancers on the NYSE by 1,488 to 1,280. On the Nasdaq, 1,579 issues fell and 1,198 advanced.


Comments
My best to you, Charles.

Dan Statuto on 8/4/2017 10:34:29 AM
 

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