Bucking the broader push lower today, the Dow Jones Industrial Average seemingly defied gravity as the index flew to all-time highs on the wings of a blue-chip bellwether which in-turn made all-time highs today. Dow component Boeing (BA 242.46, +0.93 +0.39%) has been on quite the run lately, skying to all-time highs in each of its last five trading sessions, and the final trading day of July was no different.
To that end, the Dow was up nicely today, adding 60.81 points (+0.28%) to 21891.12. The tech-heavy Nasdaq Composite led the three major averages lower again today as big name tech continues its bearish decline; the index fell 26.55 points (-0.42%) to 6348.12. The S&P 500 finished 1.80 points lower (-0.07%) to 2470.30.
The Technology (XLK 57.16, -0.28 -0.49%) space was dragged lower as large cap Nasdaq 100 names TSLA -3.5%, REGN -3.4%, AMZN -3.2% and AMAT -2.1% held the space lower. Component Micron (MU 28.10, -1.18 -4.03%) turned lower today on broader semi (SMH 86.84, -0.51 -0.59%) weakness. In what turned out to be a session of lower lows, the Materials XLB -0.76% space led the decline among S&P sectors, followed by IYZ -0.22%, XLRE -0.15%, XLI -0.13%, XLP -0.07%, XLV -0.06%, XLY -0.03%, XLE +0.23%, XLU +0.34%, XLF +0.64%.
In the S&P 500 Information Technology (980.40, -5.27 -0.53%) space, trading fell into the close ultimately finishing near lows. Component Facebook (FB 169.25, -3.20 -1.86%) was pressured today as the stock was downgraded to a Sell rating at Pivotal Research. Other names in the space which outperformed today included AMAT -2.08%, KLAC -1.88%, TEL -1.83%, AVGO -1.48%, GOOGL -1.34%, LRCX -1.32%, VRSN -1.30%, EA -1.28%, GOOG -1.17%, NVDA -1.14%.
Other notable news items among sector components:
- Snap (SNAP 13.67, -0.13 -0.98%) shares were weaker today as the company's first post-IPO lock-up period expired.
- AT&T (T 39.00, flat) made executive appointments to prepare for Time Warner (TWX 102.47, -0.26 -0.25%) merger close.
- Sprint (S 7.97, -0.25 -3.04%) and Charter (CHTR 391.91, +21.65 +5.85%) might be in merger talks, according to WSJ.
- Later, a Charter (CHTR) spokesperson said the company is not interested in Sprint (S), but Softbank (SFTBY 40.15, -1.37 -3.30%) might still be interested in CHTR acquisition, according to Reuters.
- United States Defense Information Systems Agency extended its contract with ViaSat (VSAT 66.09, -0.50 -0.75%) to continue to provide senior leaders and their support staff with in-flight broadband and connectivity services on senior leader aircraft.
- Altaba's (AABA 58.40, -0.80 -1.35%) Board authorized the repurchase of up to $5 billion of its common stock.
- BIDU was upgraded at Macquarie and Nomura, ADP was upgraded to In-Line from Underperform at Evercore ISI, GIMO was upgraded to Buy from Neutral at Dougherty, GPRO was upgraded to Equal Weight from Underweight at Morgan Stanley; FB was downgraded to Sell from Hold at Pivotal Research, SNAP was downgraded to Mixed from Positive at OTR Global, SHOR was downgraded to Hold from Buy at Lake Street, ECHO was downgraded to Neutral from Outperform at Credit Suisse; CRTO was initiated with an Overweight at KeyBanc Capital Mkts, CCOI was initiated with a Sell at Off Wall Street
Expect quarterly results tonight/tomorrow morning from the following companies: AEIS, AABA, AMKR, BLKB, CGNX, ELVT, FICO, HLIT, INST, IDTI, IVAC, P, ROG, SBAC, SIMO, TNET/ALLT, CDK, EIGI, HRS, IPGP, QSII, SQNS, SHOP, S, VSM, XRX, YRD