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Technology Stocks : Semi Equipment Analysis
SOXX 374.49-0.9%Dec 9 4:00 PM EST

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Market Snapshot

briefing.com

Dow 31876.72 +47.79 (0.15%)
Nasdaq 11897.62 +184.50 (1.58%)
SP 500 3959.97 +23.21 (0.59%)
10-yr Note



NYSE Adv 2108 Dec 986 Vol 938 mln
Nasdaq Adv 2840 Dec 1385 Vol 5.3 bln


Industry Watch
Strong: Consumer Discretionary, Communication Services, Information Technology, Industrials, Materials, Financials

Weak: Health Care, Consumer Staples, Utilities, Real Estate


Moving the Market
-- Concerns about gas supplies to Europe

-- Festering rate hike angst

-- Relative strength in mega-cap stocks







Closing Summary
20-Jul-22 16:20 ET

Dow +47.79 at 31876.72, Nasdaq +184.50 at 11897.62, S&P +23.21 at 3959.97
[BRIEFING.COM] Today, the stock market was able to build on yesterday's gains with added interest in the higher growth areas. The market opened modestly lower before finding momentum to the upside. There was a quick dip when a report came out suggesting Alphabet's Google (GOOG 114.70, +0.08, +0.1%) is going to pause hiring for two weeks. The market took the news in stride and the knee jerk selling interest soon shook off with the indices moving back to the highs by late afternoon.

The mega caps did some heavy lifting today with the Vanguard Mega Cap Growth ETF (MGK) closing up 1.5% versus a 0.6% gain in the S&P 500 and a 0.7% gain in the Invesco S&P 500 Equal Weight ETF (RSP).

The interest in high growth areas could be seen in the S&P 500 sector performance. Communication services (+1.0%), information technology (+1.6%), and consumer discretionary (+1.8%) were some of the best performers on the day thanks, in part, to their respective mega cap components: Meta Platforms (META 183.09, 7.31, +4.2%), Apple (AAPL 153.04, +2.04, +1.4%), and Amazon.com (AMZN 122.77, +4.56, +3.9%).

Communication services was also bolstered by Netflix's (NFLX 216.46, +14.83, +7.4%) outsized gains after the company had better-than-expected Q2 results and lost "only" 970,000 subscribers, which was half the estimated amount.

As for the laggards, the countercyclical sectors, utilities (-1.4%), consumer staples (-0.7%), and health care (-1.1%), led the underperformers.

The health care sector had a rough go today after a few components, which reported earnings this morning, sold off heavily. Elevance Health (ELV 459.54, -37.89, -7.6%), Biogen (BIIB 207.49, -12.77, -5.8%), and Abbott Labs (ABT 108.23, -1.70, -1.6%) were all down big despite beating earnings and revenue estimates and issuing above-consensus guidance.

With buyers favoring growthy areas, the Russell 3000 Growth Index (+1.2%) outpaced the Russell 3000 Value Index, which closed up 0.4%.

The 2-yr note yield rose two basis points to 3.24% and the 10-yr note yield rose two basis points to 3.04% after testing 2.94% in early morning action.

The earnings reports ahead of tomorrow's open will be headlined by American Airlines (AAL), AT&T (T), AutoNation (AN), Blackstone (BX), D.R. Horton (DHI), Danaher (DHR), Dow (DOW), Freeport-McMoRan (FCX), Nucor (NUE), SAP SE (SAP), Tractor Supply (TSCO), Travelers (TRV), Union Pacific (UNP).

Thursday's economic data includes weekly initial jobless claims (Briefing.com consensus 240,000; prior 244,000), continuing claims (prior 1.331 million), and July Philadelphia Fed Index (Briefing.com consensus -1.2; prior -3.3) at 8:30 ET; June Leading Economic Index (Briefing.com consensus -0.5%; prior -0.4%) at 10:00 ET; and Weekly EIA Natural Gas Inventories (prior +58 bcf) at 10:30 ET.

Today's economic data includes:

  • Existing home sales decreased 5.4% month-over-month in June to a seasonally adjusted annual rate of 5.12 million (Briefing.com consensus 5.40 million) versus 5.41 million in May. Total sales in June were down 14.2% from a year ago.
    • The key takeaway from the report is that the supply of available homes for sale remains extremely tight, yet higher mortgage rates and home price inflation are contributing to a slowdown in buyer demand rooted in affordability pressures that are expected to persist.
  • Crude oil inventories had a draw of 446K barrels
    • Prior week showed a build of 3.25 mln barrels
  • Gasoline inventories had a build of 3.50 mln barrels
    • Prior week showed a build of 5.83 mln barrels
  • Dow Jones Industrial Average: -12.3% YTD
  • S&P 400: -15.6% YTD
  • S&P 500: -16.9% YTD
  • Russell 2000: -18.6% YTD
  • Nasdaq Composite: -24.0% YTD



Market trends higher into the close
20-Jul-22 15:30 ET

Dow +81.27 at 31910.20, Nasdaq +206.79 at 11919.91, S&P +30.54 at 3967.30
[BRIEFING.COM] The stock market is continuing a steady incline ahead of the close.

Earnings reports to watch after the close include Alcoa (AA), CSX (CSX), Discover Financial Services (DFS), Las Vegas Sands (LVS), Tesla (TSLA), and United Airlines (UAL).

The earnings reports ahead of tomorrow's open will be headlined by American Airlines (AAL), AT&T (T), AutoNation (AN), Blackstone (BX), D.R. Horton (DHI), Danaher (DHR), Dow (DOW), Freeport-McMoRan (FCX), Nucor (NUE), SAP SE (SAP), Tractor Supply (TSCO), Travelers (TRV), and Union Pacific (UNP).

Thursday's economic data includes weekly initial jobless claims (Briefing.com consensus 240,000; prior 244,000), continuing claims (prior 1.331 million), and July Philadelphia Fed Index (Briefing.com consensus -1.2; prior -3.3) at 8:30 ET; June Leading Economic Index (Briefing.com consensus -0.5%; prior -0.4%) at 10:00 ET; Weekly EIA Natural Gas Inventories (prior +58 bcf) at 10:30 ET.


Energy sector has a strong day on rising oil prices
20-Jul-22 15:00 ET

Dow +8.54 at 31837.47, Nasdaq +170.36 at 11883.48, S&P +20.98 at 3957.74
[BRIEFING.COM] The major indices have climbed higher in the last half hour. The Nasdaq has a lead on the others, up 1.5%.

The S&P 500 energy sector has been steadily rising this session, up 1.1%. Most of its components trade in positive territory with the biggest gains in Conocophillips (COP 90.64, +2.16, +2.4%), Coterra Energy (CTRA 28.82, +0.68, +2.5%), and Diamondback Energy (FANG 118.72, +2.18, +1.9%).

Notably dragging down the sector is Baker Hughes (BKR 26.27, -1.95, -6.9%) after reporting below-consensus earnings and revenue.

On a related note, WTI crude oil futures settled the session down 0.9% to $99.86/bbl. Unleaded gasoline futures fell 1.2% to $3.27/gal. Natural gas futures rose 9.6% to $7.88/mmbtu.


Generac outperforms on JPM tgt bump, Northern Trust slides after earnings
20-Jul-22 14:25 ET

Dow -65.50 at 31763.43, Nasdaq +134.40 at 11847.52, S&P +11.31 at 3948.07
[BRIEFING.COM] The S&P 500 (+0.29%) sits in second place to this point on Wednesday.

S&P 500 constituents Ceridian HCM (CDAY 54.39, +3.32, +6.50%), Generac (GNRC 245.30, +14.72, +6.38%), and Royal Caribbean (RCL 38.36, +2.00, +5.50%) peppered atop the index. Software firm CDAY outperforms alongside general strength in the group, JP Morgan raised their tgt on GNRC, while RCL benefits again from broader strength in consumer discretionary (+1.25%).

Meanwhile, Chicago-based finance firm Northern Trust (NTRS 96.67, -4.55, -4.50%) is one of today's top laggards following earnings.


Gold lower as dollar gains
20-Jul-22 13:55 ET

Dow -82.06 at 31746.87, Nasdaq +129.26 at 11842.38, S&P +9.16 at 3945.92
[BRIEFING.COM] With about two hours to go the tech-heavy Nasdaq Composite (+1.10%) holds a firm lead among the major averages.

Gold futures settled $10.50 lower (-0.6%) to $1,700.20/oz as the greenback recovers on Wednesday.

Meanwhile, the U.S. Dollar Index is up about +0.5% to $107.20.



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