MARKET SNAPSHOT: Stocks Tread Water Near Records As Investors Await Earnings Deluge
17 Luglio 2017 - 4:01PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
BlackRock reports, Netflix earnings ahead for Monday
U.S. stocks were little changed on Monday, with major indexes
trading near record levels as investors looked ahead to key
quarterly results that will be released this week. Corporate
quarterly results may help to shed light on whether current levels
are justified by economic activity at American corporations.
The Dow Jones Industrial Average fell 16 points, or 0.1%, to
21,621, coming off an all-time closing high on Friday. The S&P
500 , which also ended at a record Friday, dipped 0.4 point to
2,459. The Nasdaq Composite Index rose 4.5 points to 6,317, a gain
of 0.1%.
Need to know:Investors should pay attention to this 'chart of
the week, month and potentially year'
(http://www.marketwatch.com/story/investors-should-pay-attention-to-the-chart-of-the-week-month-and-potentially-year-2017-07-17)
Whether stocks can extend further into record territory hinges
partly on the outcome for earnings, with investors looking for
signs that valuations are justified by the strength of corporate
results, particularly given doubts about Washington's ability to
deliver a roster of Wall Street-friendly legislations.
Some 68 S&P 500 companies will report this week, according
to FactSet. Those include Bank of America Corp.(BAC), Goldman Sachs
Group Inc.(GS), Microsoft Corp.(MSFT) and General Electric
Co.(GE).
Read:Stock market poised to ride stellar earnings to new heights
(http://www.marketwatch.com/story/stock-market-poised-to-ride-stellar-earnings-to-new-heights-2017-07-15)
What will give stocks a push higher: While earnings are
important, tax legislation remains the most important political
issue for U.S. stocks, said Michael J. Wilson, equity strategist at
Morgan Stanley, in a note to clients on Monday.
He said equity multiples must expand again for the S&P 500
to reach their 2017 target of 2,700, but the catalyst on that
expansion would likely be "more policy 'certainty' rather than the
outcome itself.
"No matter what gets passed in the next few months, we think
just moving forward with a decision on the Affordable Care Act and
taxes will provide the certainty necessary for companies and
individuals to "act" on their higher confidence readings which have
remained elevated," said Wilson.
The latest economic data was cautious, with the New York Fed's
Empire State manufacturing index
(http://www.marketwatch.com/story/empire-state-manufacturing-index-retreats-in-july-from-two-year-high-2017-07-17)falling
to a seasonally adjusted reading of 9.8 from 19.8 in June. Analysts
were looking for a reading of 15.
Stocks to watch: Investment manager BlackRock Inc.(BLK) slipped
2.8% after reporting a profit and sales miss
(http://www.marketwatch.com/story/blackrocks-stock-set-to-slip-after-profit-sales-miss-2017-07-17),
despite massive inflows into its low-fee exchange-traded funds.
Streaming giant Netflix Inc.(NFLX) is due to report its results
after the close; the stock rose 1.3% in early trading. Read a
Netflix preview here
(http://www.marketwatch.com/story/netflix-earnings-subscriber-additions-is-key-along-with-content-spend-2017-07-12).
Shares of J.B. Hunt Transport Services Inc.(JBHT) slipped 0.1%
after posting a profit that was below expectations
(http://www.marketwatch.com/story/jb-hunts-stock-drops-after-profit-falls-below-expectations-2017-07-17).
Read:Four key sectors to watch closely this earnings season
(http://www.marketwatch.com/story/four-key-sectors-to-watch-closely-this-earnings-season-2017-07-13)
Other markets: In China, the Shanghai Composite Index closed
down 1.4%
(http://www.marketwatch.com/story/china-stocks-sink-after-central-banks-liquidity-injection-2017-07-16),
but off earlier lows as data showed expansion in the world's
second-biggest economy beat forecasts with 6.9% second-quarter
growth
(http://www.marketwatch.com/story/chinas-economy-beats-outlook-grows-69-in-q2-2017-07-16).
Helping to spark the selling, Chinese officials at a financial
conference hinted at tighter controls on the economy.
Opinion:China is playing a weak hand with the U.S
(http://www.marketwatch.com/story/china-is-playing-a-weak-hand-with-the-us-2017-07-17).
European stocks traded mixed, with the FTSE 100 index gaining,
but Germany's DAX 30 falling.
Oil prices
(http://www.marketwatch.com/story/crude-prices-start-the-week-on-an-upbeat-note-2017-07-17)
and gold futures were slightly higher. The dollar was slightly
lower. Meanwhile, the benchmark 10-year Treasury note yield was at
2.31%.
(END) Dow Jones Newswires
July 17, 2017 09:46 ET (13:46 GMT)
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