Stocks Shed Gains, Turn Sharply Lower

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Published July 02, 2013

| FOXBusiness

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After spending much of the day in the green, the markets took a turn sharply into the red as industrial and material stocks sold off. 

Today's Markets

As of 3:09 p.m. ET, the Dow Jones Industrial Average fell 64.3 points, or 0.43%, to 14910, the S&P 500 dipped 3.5 points, or 0.21%, to 1612 and the Nasdaq Composite declined 9.8 points, or 0.29%, to 3425.

The third quarter got off to a rather strong start Monday, with stocks posting modest gains on the back of upbeat data on U.S. manufacturing. However, trading was choppier Tuesday. 

Industrial and material stocks, like Boeing (BA), United Technologies (UTX) and Alcoa (AA) took a pounding in late-afternoon trading. Only the telecommunications sector was in the green. 

The focus shifted to corporate news, with the major automakers reporting June sales figures. 

Ford Motor Company (F) said its sales climbed 13% in June from the year before to 235,643. It was the best June performance since 2006. General Motors (GM) saw its sales rev up 6% to 264,843. Chrysler, meanwhile, said its sales jumped 8% in June from the same month in 2012 to 144,811 -- marking the highest June sales since 2007. 

On the economic front, the Commerce Department said factory orders climbed 2.1% in May from the month before, narrowly beating estimates of a 2% gain. New York Federal Reserve President William Dudley also reiterated that talk of a rate hike sooner than the central bank has signaled is unlikely in a speech in Stamford, Conn. 

Elsewhere in corporate news, Capital One Financial (COF) unveiled a $1 billion stock buy-back plan. Zynga (ZNGA) said Don Mattrick, who was in charge of Microsoft's (MSFT) Xbox development, will take over as chief executive. 

Gold prices advanced for the third day in a row. The benchmark contract rose $1.10, or 0.09%, to $1,257 a troy ounce. Oil gained 35 cents, or 0.35%, to $98.33 a barrel. Wholesale New York Harbor gasoline rose 0.83% to $2.761 a gallon. 

Foreign Markets

The Euro Stoxx 50 dipped 0.74% to 2603, the English FTSE 100 fell 0.39% to 6283 and the German DAX sold off by 1.1% to 7897. 

In Asia, the Japanese Nikkei 225 rallied 1.8% to 14099 and the Chinese Hang Seng slid 0.7% to 20659.

URL

http://www.foxbusiness.com/markets/2013/07/02/wall-street-wavers-corporate-news-takes-spotlight/