The Dow Jones Industrial Average closed at 27,221.35 on Monday with a gain of 28.90 points or 0.11%. The S&P 500 closed at 3,020.97 for a loss of 4.89 points or -0.16%. The Nasdaq Composite closed at 8,293.33 for a loss of 36.88 points or -0.44%. The VIX Volatility Index was higher at 12.86 for a gain of 0.70 points or 5.76%.
Monday’s market movers
U.S. indexes closed mostly lower Monday with several key announcements coming later in the week. The market will receive the PCE Price Index report on Tuesday, also the first day of the Federal Reserve’s July monetary policy meeting. The PCE Price Index is the Fed’s primary gauge for inflation in the U.S. The ADP private sector employment report will be released on Wednesday and the Bureau of Labor Statistics’ July employment report will be released on Friday.
On Wednesday, the Fed will announce its much anticipated monetary policy plans. According to the CME Fed Watch Tool, the market is projecting a 76% probability of a 25 basis point federal funds rate cut to 2.00% to 2.25% and a 24% probability of a 50 basis point rate cut to 1.75% to 2.00%.
Second-quarter earnings also continued to top headlines. Leading earnings announcements on Monday included the following:
- Pfizer (PFE, Financial): Missed revenue estimates. Beat earnings per share estimates by 5 cents.
- On Deck Capital (ONDK, Financial): Beat revenue estimates. Missed earnings by 3 cents.
- Tower Semiconductor (TSEM, Financial): Beat earnings by 1 cent. Stock gained 10.81%.
There were no major reports on the economic calendar Monday. The Treasury held auctions for three-month bills at a rate of 2.070% and six-month bills at a rate of 2.035%.
In the S&P 500, the financial, consumer discretionary and energy sectors led losses. In the Dow Jones Industrial Average, the following stocks led losses and gains:
- Pfizer (PFE, Financial) -3.81%
- Dow (DOW, Financial) -2.14%
- Boeing (BA, Financial) -1.39%
- Intel (INTC, Financial) 1.78%
- Johnson & Johnson (JNJ, Financial) 1.76%
- 3M (MMM, Financial) 1.60%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,569.02 for a loss of 9.94 points or -0.63%. The S&P 600 closed at 957.27 for a loss of 5.24 points or -0.54%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,157.40 for a loss of 84.65 points or -0.83%. The Dow Jones U.S. Small-Cap Value Index closed at 9,619.24 for a loss of 30.35 points or -0.31%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,973.88 for a loss of 9.26 points or -0.47%; the S&P 100 at 1,337.77 for a loss of 2.10 points or -0.16%; the Nasdaq 100 at 7,989.08 for a loss of 27.87 points or -0.35%; the Russell 3000 at 1,775.28 for a loss of 4.21 points or -0.24%; the Russell 1000 at 1,673.63 for a loss of 3.50 points or -0.21%; the Wilshire 5000 at 30,957.61 for a loss of 78.54 points or -0.25%; and the Dow Jones U.S. Select Dividend Index at 722.47 for a loss of 1.23 points or -0.17%.
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