Dow -57.55 at 40357.89, Nasdaq -10.22 at 17997.35, S&P -8.67 at 5555.74
The equity market had a mixed showing today. The S&P 500 (-0.2%), Nasdaq Composite (-0.1%), and Dow (-0.1%) closed with losses after trading slightly higher or slightly lower through the entire session.
Meanwhile, the Russell 2000 continued its recent outperformance, jumping 1.1% today. The small cap index is 9.6% higher this month and the S&P 500 shows a 1.7% gain in July.
Mixed responses to earnings news contributed to the mixed feeling in the market. UPS (UPS 127.68, -17.50, -12.1%) was among the losing standouts after missing earnings estimates. NXP Semiconductors (NXPI 262.30, -21.51, -7.6%), and Nucor (NUE 161.55, -1.79, -1.1%) were also among the notable losers following their quarterly results.
Spotify (SPOT 330.79, +35.34, +12.0%), Lockheed Martin (LMT 501.29, +26.70, +5.6%), and Sherwin-Williams (SWH 344.50, +22.15, +6.9%) were winning standouts following their reports.
So, as always, winners and losers.
Only three of the S&P 500 sectors registered gains — materials (+0.4%), financials (+0.1%), and consumer discretionary (+0.02%) — while the energy (-1.6%), utilities (-0.7%), and consumer staples (-0.3%) registered the largest declines.
The 10-yr note yield declined two basis points to 4.24% and the 2-yr note yield settled four basis points lower at 4.48%.
I’m not putting out longs because I hate earnings season. Waiting.
There will be many soon.