The Dow Jones Industrial Average closed at 27,198.02 on Tuesday with a loss of 23.33 points or -0.09%. The S&P 500 closed at 3,013.18 for a loss of 7.79 points or -0.26%. The Nasdaq Composite closed at 8,273.61 for a loss of 19.71 points or -0.24. The VIX Volatility Index was higher at 13.94 for a gain of 1.11 points or 8.65%.
Tuesday's market movers
U.S. indexes closed mostly lower for a second day Tuesday. Investors continued to await news from the Federal Reserve following its two-day monetary policy meeting, which ends tomorrow. Market probabilities show the Fed is likely to reduce the federal funds rate. President Trump has been suggesting the Fed make a large rate cut. The Trump administration also reported frustrations Tuesday with U.S.-China trade talks.
Capital One was down 5.89% on Tuesday after announcing a data breach. In the S&P 500, financials were lower. Investors were also watching personal income and the PCE Price Index report released on Tuesday. The PCE Price Index was unchanged year over year at 1.4%. The Core PCE Price Index, excluding food and energy, had a year-over-year increase of 1.6% following an increase of 1.5%.
On the earnings calendar, second-quarter earnings continued. Earnings reports making headlines included the following:
- Beyond Meat (NASDAQ:BYND): After market Monday. Beat revenue estimates. Earnings per share missed by 15 cents.
- Merck (NYSE:MRK): Beat revenue estimates. Earnings beat by 14 cents.
- Procter & Gamble (NYSE:PG): Beat revenue estimates. Earnings beat by 5 cents.
- Apple (NASDAQ:AAPL): Beat revenue estimates. Earnings beat by 8 cents.
Economic reports affecting market trading included the following:
- Personal Income increased 0.4% in June after a 0.4% increase. Personal spending increased 0.3% following an increase of 0.5%.
- The PCE Price Index increased 0.1% in June following a 0.1% increase. Year over year, the PCE Price Index had an increase of 1.4% in June, unchanged from its previous report.
- The Core PCE Price Index increased 0.2% in June following a 0.2% increase. Year over year, the Core PCE Price Index increased 1.6% in June following a 1.5% increase.
- The S&P/Case-Shiller Home Price Index increased 0.6% in May following a 0.8% increase. Year over year, the Index increased 2.4% following a 2.5% increase.
- Pending home sales increased 2.8% in June and 1.6% year over year.
- The Conference Board's Consumer Confidence Index increased to 135.7 in July from 124.3.
In the Dow Jones Industrial Average, the following stocks led losses:
- Pfizer (NYSE:PFE) -6.53%
- McDonald's (NYSE:MCD) -1.35%
- Intel (NASDAQ:INTC) -1.24%
In small caps, the Russell 2000 closed at 1,582.85 for a gain of 13.83 points or 0.88%. The S&P 600 closed at 967.70 for a gain of 10.43 points or 1.09%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,249.66 for a gain of 92.26 points or 0.91%. The Dow Jones U.S. Small-Cap Value Index closed at 9,684.85 for a gain of 65.68 points or 0.68%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,986.80 for a gain of 12.92 points or 0.65%; the S&P 100 at 1,332.65 for a loss of 5.12 points or -0.38%; the Nasdaq 100 at 7,952.47 for a loss of 36.61 points or -0.46%; the Russell 3000 at 1,773.04 for a loss of 2.23 points or -0.13%; the Russell 1000 at 1,670.13 for a loss of 3.50 points or -0.21%; the Wilshire 5000 at 30,917.36 for a loss of 40.59 points or -0.13%; and the Dow Jones U.S. Select Dividend Index at 721.68 for a loss of 0.79 points or -0.11%.
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This article first appeared on GuruFocus.
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