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End of Day Brief - Monday July 12 - New highs across the board again

Dow34996.18+126.02(0.36%)
Nasdaq14733.24+31.32(0.21%)
SP 5004384.63+15.08(0.35%)
10-yr Note 0/321.357
NYSEAdv 1880 Dec 1349 Vol 786.5 mln
NasdaqAdv 2282 Dec 2022 Vol 3.8 bln


Industry Watch

Strong: Financials, Communication Services, Real Estate
Weak: Energy, Consumer Staples


Moving the Market

-- S&P 500, Dow, and Nasdaq close at record highs for the second straight session

-- Financial stocks rise ahead of Q2 earnings, Walt Disney (DIS) rose 4% after strong "Black Widow" movie debut

-- Wait and see for June CPI report tomorrow


Record closes again

Dow +126.02 at 34996.18, Nasdaq +31.32 at 14733.24, S&P +15.08 at 4384.63

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.2%), and Dow Jones Industrial Average (+0.4%) closed at record highs on Monday, tallying modest gains as investors remained committed to the market ahead of a busy week of events. The S&P 500 also set an all-time intraday high while the Russell 2000 increased just 0.1%.

The financials sector (+1.0%) was the most influential group today, propped up by some enthusiasm surrounding the Q2 earnings reporting period, which will be kicked off by JPMorgan Chase ($JPM 158.00, +2.23, +1.4%) and Goldman Sachs ($GS 380.50, +8.74, +2.4%) tomorrow morning. A turnaround in Treasury yields also helped.

The 10-yr yield settled one basis point higher at 1.36% after touching 1.33% overnight, and the 2-yr yield settled one basis point higher at 0.22% after touching 0.20% overnight. On a related note, the $58 bln 3-yr note auction was met with lukewarm demand while the $38 bln 10-yr auction received strong interest. The U.S. Dollar Index increased 0.1% to 92.23.

The communication services (+0.9%) and real estate (+0.9%) sectors followed closely behind with decent gains, with the former supported by Walt Disney ($DIS 184.38, +7.34, +4.2%) after its "Black Widow" movie raked in more than $215 million globally over the weekend. Disney is also reportedly aiming to increase ESPN+ subscription costs.

Today's lone holdouts were the consumer staples (-0.2%) and energy (-0.1%) sectors while the information technology sector (+0.04%) was held back by Apple ($AAPL 144.50, -0.61, -0.4%) and Microsoft ($MSFT 277.32, -0.62, -0.2%). Evidently, no sector gained or lost more than 1.0%.

Besides earnings, investors may have restrained conviction for the release of the June CPI report tomorrow. For what it's worth, PPI data for June will be released on Wednesday followed by Retail Sales data for June on Friday. Fed Chair Powell will also testify before Congress in his semiannual report on monetary policy, starting Wednesday.

In other corporate news, Broadcom ($AVGO 485.75, +5.57, +1.2%) was a technology winner amid reports that it's looking to acquire SAS Institute for $15-20 bln. Chevron ($CVX 104.28, +0.21, +0.2%) bucked the negative trend in the energy space after the stock was initiated with an Outperform rating at BMO Capital Markets.

Energy stocks in general were clipped by lower oil prices (74.10/bbl, -0.46, -0.6%), which some attributed to demand concerns because of the Delta Covid variant.

  • S&P 500 +16.7% YTD
  • Russell 2000 +15.5% YTD
  • Nasdaq Composite +14.3% YTD
  • Dow Jones Industrial Average +14.3% YTD

Source: (Briefing.com)

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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