U.S. market indexes were lower again on Tuesday.
For the day, the Dow Jones Industrial Average closed at 18,313.77 for a loss of 90.74 points or 0.49%. The Standard & Poor's 500 closed lower at 2,157.03 for a loss of 13.81 points or 0.64%. The Nasdaq Composite closed lower at 5,137.73 for a loss of 46.46 points or 0.90%. The VIX Volatility Index was higher at 13.34 for a gain of 0.90 points or 7.23%.
In the Dow Jones Industrial Average, the following stocks led losses for the day:
- Pfizer (PFE, Financial) -2.47%.
- Apple (AAPL, Financial) -1.48%.
- Goldman Sachs (GS, Financial) -1.34%.
- Boeing (BA, Financial) -1.21%.
- Home Depot (HD, Financial) -1.12%.
Tuesday’s auto sales data were in the economic spotlight. At 17.9 million annualized, vehicle sales were above consensus of 17.3 million and beat the previous month’s report of 16.7 million. The month’s strong sales showed increased consumer spending and less of an affect from Brexit.
Personal income and outlays was also a key report for the day. The PCE Price Index reported a year-over-year increase of 0.9%. The Core PCE Price Index reported a 1.6% increase. Both indexes were unchanged from the previous month as inflation levels remained stable.
Stock momentum in U.S. equities continued to slow on Tuesday as disappointing GDP data for the second quarter is causing a concern. Oil prices were also lower and WTI crude fell to less than $40 a barrel. The Dow Jones Industrial Average posted its seventh day of consecutive losses. In a CNBC report Tuesday, market specialists discussed their insights on the stock market’s direction and some of the near-term catalysts affecting trading.
Disclosure: I do not own any shares of any stocks included in this article.
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