U.S. market indexes were mixed on Tuesday. For the day the Dow Jones Industrial Average was lower at 18473.75 for a loss of -19.31 points or -0.10%. The S&P 500 was higher at 2169.18 for a gain of 0.70 points or 0.03%. The Nasdaq Composite closed higher at 5110.05 for a gain of 12.42 points or 0.24%. The VIX Volatility Index was higher at 13.05 for a gain of 0.18 points or 1.40%.
In the Dow Jones Industrial Average, stocks leading gains and losses included the following:
Losses
McDonald's (MCD, Financial) -4.47%
Verizon (VZ, Financial) -1.90%
Coca-Cola (KO, Financial) -1.51%
Gains
Caterpillar (CAT, Financial) 5.16%
United Technologies (UTX, Financial) 3.10%
Housing reports were the main focus on the economic calendar for the day. The S&P Case-Shiller Home Price Index was down -0.1% for the month. For the year the Index was up 5.2%. New home sales were also reported on Tuesday. New home sales increased to 592,000 SAAR from 572,000 SAAR. Also on Tuesday, consumer confidence was reported. The Conference Board’s Consumer Confidence Index was basically unchanged at 97.3. The consensus however was for an Index reading of 96.0.
The Dow Jones Industrial Average ended just slightly lower for the day as many companies reported earnings with McDonald’s trading significantly lower for the day. In the broader market, stocks traded mostly higher. The Federal Open Market Committee began its July meeting on Tuesday, which will conclude on Wednesday afternoon. Wednesday’s FOMC statement will provide some greater insight into the Fed’s outlook on the economy.
In a CNBC report Tuesday, Peter Schiff gave his perspective on the Fed’s positioning for the remainder of the year.
Disclosure: I do not own any stocks included in this article.
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