MARKET SNAPSHOT: Stock Market Holds Ground As Investors Await Earnings Deluge
17 Luglio 2017 - 05:47PM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
Blue Apron tumbles after Amazon files a trademark for a meal kit
service
U.S. stocks edged slightly higher 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 rose 8.5 points, or less than
0.1%, to 21,646, coming off an all-time closing high on Friday. The
S&P 500 , which also ended at a record Friday, inched up by 2
points to 2,462. The Nasdaq Composite Index rose 5 points to 6,317,
a gain of nearly 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)
While daily moves remain modest, they've largely trended to the
upside. Nine of the 11 primary S&P 500 sectors rose on the day,
while the declining ones--tech and industrials--were both down by
less than 0.1%. The biggest gainers on the day were materials, up
0.4%, and energy, up 0.3%.
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
3.2% 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 dipped 0.2% 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) gained 2.6%
despite posting a profit that was below expectations
(http://www.marketwatch.com/story/jb-hunts-stock-drops-after-profit-falls-below-expectations-2017-07-17).
Blue Apron Holdings Inc. tumbled 9.3% after Amazon.com
Inc.(AMZN) filed a trademark for a meal kit service, suggesting the
newly public company could face competition from retail giant that
has already been spooking Blue Apron's investors with its proposed
acquisition of Whole Foods(WFM).
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 11:32 ET (15:32 GMT)
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