US Stock Indexes Finished The Day Higher On Higher Volume
$AMD, #SPY, $DIA, $USO
DJIA -0.3% YTD, NAS 100 +5.5% YTD, S&P 500 +1.1% YTD, Russell 2000 +3.6% YTD
DJIA +93.33 at 17776.91, NAS 100 +5.52 at 4997.46, S&P 500 +12.58 at 2081.34
Volume: trade was heavier than usual with more than 950-M/shares changing hands on the NYSE
The S&P 500 gained 0.6% after being down 1.2% at the open, the NAS 100 (+0.1%) under performed on the day.
The Eurogroup expects Greece to submit a formal request for access to the European Stability Mechanism (ESM) Wednesday.
China: the Shanghai Composite lost 1.3% Tuesday session despite Monday’s CNY 1.80-T liquidity injection from the People’s Bank of China (PBOC), and other emergency measures undertaken by the government. As a result nearly 25% of A-share listings have been halted over the past 7 days as companies move to protect their market values.
The S&P 500 broke its 200-Day MA, the bounced into positive territory.
The financials (+0.2%) and technology (+0.2%) spent most of the session at the bottom of the leader board, but dip-buyers helped the 2 sectors erase their losses.
The high-beta chipmakers lagged with the PHLX Semiconductor Index shedding 0.3% after Advanced Micro Devices (NASDAQ:AMD) 2.09, -0.38% lowered its Q-2 revenue guidance due to weaker than expected PC demand.
The cyclical stock groups
The materials stock sector (-0.3%), the energy stock sector (+0.9%) finished among the leaders. The energy stock sector outperformed while Crude Oil struggled to stay near its flat line after Monday’s 7.8% dive. WTI Crude Oil settled lower by 0.4% at 52.33/bbl, but entered the Green in electronic trading.
The industrials (+0.8%) played a significant role in the turnaround with transport stocks leading.
The Dow Jones Transportation Average was up 1.1% with all but 3 names ending in the Green.
On the countercyclical stock side
The healthcare (+0.4%) and telecom services (+0.5%) stock sectors ended with gains, consumer staples (+2.0%) and utilities (+2.5%) outperformed.
US Treasury market pressured the 10-yr T-Note from its morning high, the benchmark Note ended in the Green with its yield down 3 bpts at 2.26%.
Economic data
- The US trade deficit increased by $1.20-B in May from April’s revised $40.70-B from $40.90-B, to $41.90-B, consensus expected an increase to $42.50-B
- The May Job Openings and Labor Turnover Survey (JOLTS) showed that job openings increased to 5.376-M from a revised rate of 5.109-M from 5.367-M
Wednesday
The weekly MBA Mortgage Index will be released at 7:00A EDT, the FOMC Minutes from the June meeting will be reported at 02:00p EDT, and the Consumer Credit report for May (consensus $18.20-B) will cross the wire at 03:00p EDT.
Stay tuned…
HeffX-LTN
Paul Ebeling
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