Ag Partners News

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DTN News

US Stocks Up Slightly on Sluggish Day 07/22 16:19

7/22/2019 - 16:20:00

US Stocks Up Slightly on Sluggish Day  07/22 16:19

   Tech stocks were the standouts in an otherwise sluggish day of trading on 
Monday, as investors gear up for the arrival of the heart of earnings reporting 

   NEW YORK (AP) -- Tech stocks were the standouts in an otherwise sluggish day 
of trading on Monday, as investors gear up for the arrival of the heart of 
earnings reporting season.

   Apple, Intel and several chip makers jumped more than 2%, and technology 
stocks in the S&P 500 climbed 1.2%. But the other 10 sectors that make up the 
index were evenly split between gainers and losers, and none moved by more than 

   All the mixed trading left the S&P 500 up 8.42 points, or 0.3%, at 2,985.03. 
The index is back within 1% of its record, which was set a week earlier.

   The Dow Jones Industrial Average edged up 17.70, or 0.1%, to 21,171.90, and 
the Nasdaq composite rose 57.65, or 0.7%, to 8,204.14.

   More action may arrive in the next two weeks, when a tidal wave of earnings 
reports is on the schedule. Roughly three-fifths of S&P 500 companies are set 
to update investors on how much profit they made from April through June, and 
expectations are generally low.

   A slowing global economy and rising costs are weighing on companies, and 
many investors are more interested in what CEOs say about how President Donald 
Trump's trade war will affect their future profits than in their results for 
the spring.

   The last couple earnings reporting seasons have been so volatile for stocks 
that Craig Hodges, portfolio manager at Hodges Funds, said he's recently raised 
how much cash he's holding in anticipation of bargain-hunting opportunities. 
Particularly among small stocks that don't get as much attention from Wall 
Street, Hodges said he's seen steep, overdone drops in price following earnings 

   "We're sitting on cash right now, knowing that in the next few weeks, there 
will be a lot of stocks that we like that get hit by 10, 15 or maybe even 20% 
if they have a miss," he said. "We're not market timers, but after seeing the 
last two earnings periods, we wished we had a cash balance to take advantage of 
some of the names that we liked that got hit."

   So far this reporting season, which is still in its early going, stocks have 
dropped a bit more than usual when a company falls short of Wall Street's 
earnings expectations. Among the 16% of big S&P 500 companies that have already 
reported their second-quarter results, the average decline has been 2.7% 
following an earnings miss, slightly more than the 2.6% average over the last 
five years, according to FactSet.

   On the winning end Monday was Halliburton, which reported a bigger profit 
than Wall Street expected and surged 9.1% for the biggest gain in the S&P 500.

   Health care company DaVita jumped 4.7% after it raised its profit forecast 
for this year and gave a preliminary report on its second-quarter results.

   The other big looming event for markets is the Federal Reserve's meeting at 
the end of the month, when investors expect the central bank to cut interest 
rates for the first time in more than a decade. Some investors have recently 
scaled back their expectations for how much the Fed may cut rates, down to a 
quarter of a percentage point from a half point.

   The yield on the 10-year Treasury note slipped to 2.04% from 2.05% late 
Friday. The two-year Treasury yield, which is more affected by changes in Fed 
policy, inched up to 1.82% from 1.81%.

   The price of crude oil also continued to climb amid heightened tensions in 
the Persian Gulf area. Iran on Monday announced the arrest of 17 people it 
accused of spying for the United States, something Trump called "totally 
false." On Friday, Iran said it seized a British oil tanker.

   Benchmark crude oil rose 46 cents to settle at $56.09 a barrel. Brent crude 
oil, the international standard, rose $79 cents to close at $63.26 a barrel. 
Wholesale gasoline fell 1 cent to $1.83 per gallon. Heating oil climbed 1 cent 
to $1.90 per gallon. Natural gas rose 6 cents to $2.31 per 1,000 cubic feet.

   Gold rose 20 cents to $1,425.30 per ounce, silver rose 22 cents to $16.34 
per ounce and copper fell 3 cents to $2.71 per pound.

   The dollar rose to 107.86 Japanese yen from 107.81 yen on Friday. The euro 
weakened to $1.1211 from $1.1219.

   European stock indexes were modestly higher, while Asian markets were 

   The FTSE 100 in London added 0.1%, France's CAC 40 rose 0.3% and the DAX in 
Germany gained 0.2%. Japan's Nikkei 225 index fell 0.2%, the Hang Seng in Hong 
Kong dropped 1.4% and the Kospi in South Korea was virtually flat.

   Besides earnings reports from more than a quarter of all the companies in 
the S&P 500, investors this week will also be getting updates on the housing 
industry, manufacturing and the overall U.S. economy. Economists expect a 
Friday report to show that the U.S. economy slowed to 1.8% annualized growth in 
the spring from a 3.1% rate in the first three months of the year. 


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