US Stock Indexes Finished Lower On Above Average Volume
$IBB, $AET, $ALTR, $HUM, $QCOM
DJIA -0.8% YTD, NAS 100 +5.1% YTD, S&P 500 +0.5% YTD, Russell 2000 +3.4% YTD
DJIA -46.53 at 17683.58, NAS 100 -17.27 at 4991.94, S&P 500-8.02 at 2068.76
Volume: Trade was above average with more than 900-M/shares exchanging hands on the NYSE
Monday was a busy day for stocks across the globe, beginning with an overnight decline in the futures market after the Greek referendum produced 61.3% ‘no’ votes, rejecting the bailout terms previously proposed by Eurozone creditors.
In the US, the S&P 500 (-0.4%) began the session just above its 200-Day MA at 2,055, the rebound was short-lived, fading into the close.
9 of the 10 stock sectors ended the day in the Red with the energy stock sector (-1.3%) behind other cyclical groups. The growth-sensitive stock group finished among the laggards, as WTI Crude Oil plunged into close, settling lower by 7.8% at 52.48 bbl.
The financials (-0.4%) and technology (-0.4%) stock sectors spent the day in the Red, which kept the market under pressure.
High-beta chipmakers contributed to the losses in technology with the PHLX Semiconductor Index falling 1.6% as 28 of its 30 components registered losses while
Altera (NASDAQ:ALTR) 51.40, +0.06) eked out a slight gain while Qualcomm(NASDAQ:QCOM) 63.11, 0.00 finished flat.
Consumer staples (-0.1%) and utilities (+0.4%) ending ahead of the broader market while the telecom services sector (-1.1%) struggled. For its part, health care (unch) finished ahead of the broader market after biotechnology displayed some intraday strength. The iShares Nasdaq Biotechnology ETF (NYSEArca:IBB 372.36, +2.01, or + 0.5%.
Humana (NYSE:HUM) 188.96, +1.46 rose 0.8% after agreeing to be acquired by Aetna (NYSE:AET) 117.43, -8.0% as part of a transaction valued at 230/share.
Treasuries held gains on the day, settling not far below their overnight highs with the 10-yr yield down 9 bpts at 2.29%.
China’s Shanghai Composite gained 2.4%, but that was after the index opened with an 8.0% advance in reaction to news that the People’s Bank of China (PBOC) extended a lifeline to equity brokers through China Finance Securities in an attempt to stem the recent dive.
Economic data
June ISM Services Index increased to 56.0 in June from 55.7 in May, consensus expected the index an increase to 56.3. Business activities accelerated as the related index increased to 61.5 in June from 59.5 in May.
Tuesday
May Trade Balance (consensus -$42.00-B) will be released at 8:30a EDT, the May Job Openings and Labor Turnover Survey will cross the wire at 10:00a EDT. The Consumer Credit report for May (consensus $17.60-B) at 03:00p EDT
Stay tuned…
HeffX-LTN
Paul Ebeling
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