The Dow Jones Industrial Average closed at 25,579.39 on Thursday with a gain of 99.97 points or 0.39%. The S&P 500 closed at 2,847.60 for a gain of 7.00 points or 0.25%. The Nasdaq Composite closed at 7,766.62 for a loss of 7.32 points or -0.09%. The VIX Volatility Index was lower at 21.19 for a loss of 0.91 points or -4.12%.
Thursday's market movers
Large-cap indexes gained Thursday after closing lower Wednesday from an inverted yield curve selloff. The Dow Jones gained 0.39% after reporting its worst daily loss of 2019. The yield curve spread between the two-year and 10-year Treasury remained steady, ending the day slightly better than Wednesday at 0.035%.
Walmart helped investor confidence with a revenue beat and earnings per share beat of 5 cents. Detractors for the day included comments from China on tariff retaliation and a -8.61% loss from Cisco (NASDAQ:CSCO) after reporting earnings.
Economic reports affecting market trading included the following:
- Freddie Mac's weekly mortgage market survey showed mortgage rates holding steady. The 30-year fixed-rate mortgage averaged 3.60%, unchanged from the previous week. The 15-year fixed-rate mortgage averaged 3.07%, increasing from 3.05%.
- Retail sales increased 0.7% in July after a 0.3% increase. Year over year, retail sales increased 3.4% following an increase of 3.3%. Retail sales, excluding autos, increased 1% in July following an increase of 0.3%.
- Jobless claims increased to 220,000 from 211,000.
- The Bureau of Labor Statistics' Productivity and Costs report showed unit labor costs increasing 2.4% in the second quarter and nonfarm productivity increasing 2.3%.
- The Federal Reserve's Industrial Production and Capacity Utilization report showed industrial production down 0.2% in July following an increase of 0.2%. Year over year, industrial production increased 0.5% following an increase of 1.1%. Manufacturing production decreased 0.4% in July following a 0.6% increase. Year over year, manufacturing production decreased 0.5% following an increase of 0.3%. Capacity utilization for July was reported at 77.5%, down from 77.8%.
- Business inventories were unchanged in June following an increase of 0.3%.
- The NAHB Housing Market Index increased to 66 from 65.
- The Treasury held auctions for four-week bills at a rate of 2.040% and eight-week bills at a rate of 1.950%.
In the S&P 500, the consumer staples, real estate and utilities sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:
- Walmart (NYSE:WMT) 6.22%
- Boeing (NYSE:BA) 2.29%
- Visa (NYSE:V) 1.98%
In small caps, the Russell 2000 closed at 1,461.65 for a loss of 5.87 points or -0.40%. The S&P 600 closed at 899.48 for a loss of 3.27 points or -0.36%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,480.38 for a loss of 24.77 points or -0.26%. The Dow Jones U.S. Small-Cap Value Index closed at 8,855.63 for a loss of 42.78 points or -0.48%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,835.16 for a loss of 2.83 points or -0.15%; the S&P 100 at 1,256.83 for a gain of 1.73 points or 0.14%; the Nasdaq 100 at 7,484.89 for a loss of 5.24 points or -0.070%; the Russell 3000 at 1,670.52 for a gain of 2.94 points or 0.18%; the Russell 1000 at 1,575.97 for a gain of 3.40 points or 0.22%; the Wilshire 5000 at 29,127.16 for a gain of 48.79 points or 0.17%; and the Dow Jones U.S. Select Dividend Index at 678.78 for a gain of 0.99 points or 0.15%.
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This article first appeared on GuruFocus.
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