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How Did the Stock Market Do Today?
S&P 500: 2,114.15; -5.06; -0.24%
Nasdaq: 5,171.77; -36.35; -0.70%
U.S. markets declined as the technology sector cratered on weak earnings results from industry giants, including Apple Inc. (Nasdaq: AAPL). Following its earnings report on Tuesday afternoon, Apple stock slipped more than 4.3% after the firm's revenue forecast for the fourth quarter was below market expectations. [Profit Opportunity: Here's how to play Apple Stock After AAPL Q3 Earnings Chop Share Price 5%.]
Today, the Dow Jones Industrial Average slipped 68 points.
Top Stock Market News Today
- Stock Market News: While the technology sector slipped on the day, housing stocks received a nice boost on news that the PHLX Housing Sector Index (HGX) jumped 1.7% in June to its highest levels in roughly eight and a half years. The index measures home resales. Shares of Lennar Corp. (NYSE: LEN) added 2.5% on the day, Ryland Group Inc. (NYSE: RYL) added 4.4%, and Hovnanian Enterprises Inc. (NYSE: HOV) added nearly 3%.
- Gold Crash: Gold prices fell below $1,100 today, dipping 1%, for their 10th consecutive losing day. Silver prices were down marginally, while copper prices slumped 1.8%. Mining shares slumped on the news. Shares of Freeport-McMoRan Inc. (NYSE: FCX) slipped 4.5%, Vale SA (NYSE ADR: VALE) dipped 3%, and BHP Billiton Ltd. (NYSE ADR: BHP) fell nearly 5%.
- Oil Outlook: Oil prices slumped to their lowest levels since April 2. WTI crude futures for September fell 3.3% to hit $49.18 per barrel. Meanwhile, Brent oil prices slipped 1.8% to hit $56.01 per barrel. The decline comes after an unexpected rise in U.S. reserves. The supply data adds to the worldwide glut that has deflated prices over the last year. Here's the breakdown.
- On Tap Tomorrow: On Thursday, investors will continue to react to a busy day of earnings reports, in addition to weekly jobless claims, the Chicago Fed National Activity Index, and an update on leading indicators. Companies reporting earnings on Thursday include 3M Co. (NYSE: MMM), ABB Ltd. (NYSE: ABB), AT&T Inc. (NYSE: T), Bristol-Myers Squibb Co. (NYSE: BMY), Caterpillar Inc. (NYSE: CAT), Comcast Corp. (Nasdaq: CMCSA), Dow Chemical Co. (NYSE: DOW), General Motors Co. (NYSE: GM), McDonald's Corp. (NYSE: MCD), Raytheon Co. (NYSE: RTN), Southwest Airlines Co. (NYSE: LUV), Starbucks Corp. (Nasdaq: SBUX), Under Armour Inc. (NYSE: UA), and Visa Inc. (NYSE: V).
Stocks to Watch: CZR, MSFT, UPS, FDX, TNTEY, THOR, STJ
- Stocks to Watch No. 1, CZR: Shares of Caesars Entertainment Corp. (Nasdaq: CZR) cratered almost 40% late in the trading session after a federal judge announced that the company must address lawsuits that might drive the gambling giant into bankruptcy. The announcement is a massive blow to the company and its main operating unit, which have been attempting to restructure billions in debt.
- Stocks to Watch No. 2, MSFT: Shares of Microsoft Corp. (Nasdaq: MSFT) fell 3.7% on news that the company reported its largest quarterly loss in its corporate history. The firm said that it took a massive charge on its Nokia phone business and that global demand for the Windows operating system slipped over the quarter.
- Stocks to Watch No. 3, UPS: Shares of package delivery company United Parcel Service Inc. (NYSE: UPS) are in focus on news that the company is looking to purchase Chicago-based Coyote Logistics LLC in a deal worth at least $1.8 billion, according to Reuters. Coyote Logistics is backed by private equity firm Warburg Pincus, which may choose instead to initiate an initial public offering and then sell its stake directly to UPS. The possible deal is seen by some as a reaction to its rival FedEx Corp.'s (NYSE: FDX) pending purchase of Dutch delivery firm TNT Express N.V. (OTCMKTS ADR: TNTEY) for $4.9 billion.
- Stocks to Watch No. 4, THOR: Shares of heart device manufacturer Thoratec Corp. (Nasdaq: THOR) added nearly 11% on news that Jude Medical Inc. (NYSE: STJ) is in advanced talks to purchase its smaller rival. Shares of STJ stock were down marginally on news of the pending deal.
What Investors Must Know This Week
- The Top Three High-Return Investments to Buy Today
- Is Netflix Stock a Buy After Stock Split and Earnings Beat?
- The Real Impact of the Iran Nuclear Deal on U.S. Oil Prices
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.