S&P limps into the close as energy sinks, but ends just up for the week
- Stocks made a tepid finish to end at the lows of session, with
defensives and cyclicals doing just enough to keep the market
ever-so-slightly in the green.
- The S&P (SP500) closed up 0.01%, less than 1 point and below 3,500,
with the Nasdaq (COMP) ending off 0.4% and the Dow (DJI) gaining 0.4%.
- That left the S&P up about 7 points for the week. The Nasdaq rose 0.8%.
- The Dow managed to outperform on the day thanks to strong gains in
UnitedHealth, Boeing and Caterpillar.
- Energy (NYSEARCA:XLE) was in the basement, with four of the five worst
performers in the S&P. Shares were dragged down by a tumble in
Schlumberger
following a one-note earnings report.
- Defensives led the S&P sectors, with Utilities (NYSEARCA:XLU) and
Health Care (NYSEARCA:XLV) at the top.
- Industrials (NYSEARCA:XLI) showed strength throughout the session. As
noted Boeing rose with good regulatory news about the 737 MAX from
Europe,
while Caterpillar enjoyed a price-target hike. But the best performer was
GE, which saw a solid technical bounce.
- Overall, fives sectors closed higher, four lower and two were little
changed.
- Early enthusiasm over strong September retail sales numbers and
better-than-expected Michigan sentiment didn't last.
- The regular flow of stimulus headlines had little impact throughout
the session and we finish the week where we started: with no tangible
progress and a lot of finger-pointing.
- Among the megacaps, only Alphabet finished higher. Amazon dropped the
most with some concern about flat Prime Day growth.
|Yesterday, 4:02 PM|10 Comments
- Stocks made a tepid finish to end at the lows of session, with
defensives and cyclicals doing just enough to keep the market
ever-so-slightly in the green.
- The S&P (SP500) closed up 0.01%, less than 1 point and below 3,500,
with the Nasdaq (COMP) ending off 0.4% and the Dow (DJI) gaining 0.4%.
- That left the S&P up about 7 points for the week. The Nasdaq rose 0.8%.
- The Dow managed to outperform on the day thanks to strong gains in
UnitedHealth, Boeing and Caterpillar.
- Energy (NYSEARCA:XLE) was in the basement, with four of the five worst
performers in the S&P. Shares were dragged down by a tumble in
Schlumberger
following a one-note earnings report.
- Defensives led the S&P sectors, with Utilities (NYSEARCA:XLU) and
Health Care (NYSEARCA:XLV) at the top.
- Industrials (NYSEARCA:XLI) showed strength throughout the session. As
noted Boeing rose with good regulatory news about the 737 MAX from
Europe,
while Caterpillar enjoyed a price-target hike. But the best performer was
GE, which saw a solid technical bounce.
- Overall, fives sectors closed higher, four lower and two were little
changed.
- Early enthusiasm over strong September retail sales numbers and
better-than-expected Michigan sentiment didn't last.
- The regular flow of stimulus headlines had little impact throughout
the session and we finish the week where we started: with no tangible
progress and a lot of finger-pointing.
- Among the megacaps, only Alphabet finished higher. Amazon dropped the
most with some concern about flat Prime Day growth.
|Yesterday, 4:02 PM|10 Comments
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