MARKET SNAPSHOT: Nasdaq Closes Higher To Lead Stock Market As Tech Climbs
Dow transports notch fresh all-time intraday high
The Nasdaq and the S&P 500 finished higher Monday, while the Dow industrials closed fractionally lower, as a pair embattled sectors, technology and energy, drew bidders.
The Dow Jones Industrial Average , after clinging to modest gains over the session, finished with a loss of 5.82 points, or less than 0.1%, at 21,408.52. The blue-chip gauge was weighed down by a 2.8% drop in Wal-Mart Stores Inc.(WMT) shares, offsetting gains of 1% or more from Visa Inc.(V) and Nike Inc.(NKE).
The S&P 500 index advanced 2.25 points, or 0.1%, to close at 2,427.43, with the tech sector helping to lead the advance. The lesser-weighted materials sector rose 0.6%, and the energy sector was up 0.3%.
Meanwhile, the Nasdaq Composite Index was the session's best performing benchmark, closing up 23.31 points, or 0.4%, to 6,176.39, as the tech-heavy gauge added to its Friday rally following a solid reading of U.S. jobs (http://www.marketwatch.com/story/us-stock-futures-in-holding-pattern-ahead-of-top-tier-jobs-report-2017-07-07).
Also, the Dow Jones Transportation Average hit a fresh intraday record at 9,716.81, before slipping to close 0.2% lower.
"All of the conversations right now are about earnings," said Mike Antonelli, equity sales trader at Robert W Baird & Co. "The health-care bill and the tax bill all of that has been put in the back burner as the market moves on to the next catalyst, and what matters right now is earnings," he said, referring to initiatives by Republicans to push through bills to cut corporate taxes and overhaul Obamacare.
Looking ahead to Friday, a trio of banks are expected to report quarterly results, including J.P. Morgan Chase & Co.(JPM), Wells Fargo & Co. (WFC), and Citigroup Inc.(C)
Kim Caughey Forrest, senior portfolio manager at Fort Pitt Capital Group, said the market is eager to see results from the banking sector, because they are an early read on coming second-quarter earnings and a bellwether for the health of the economy. As for tech, she described the recent selloff in the sector as likely a pause for the highflying group.
Last week, the Dow, S&P 500 and the Nasdaq Composite ended modestly higher. The three gauges have all tacked on 8% or more so far this year, but they're trading below their record peaks hit in June.
A turn higher in crude-oil prices helped to buttress relatively upbeat sentiment, with oil futures (http://www.marketwatch.com/story/oil-prices-rebound-as-some-see-last-weeks-selloff-as-overdone-2017-07-10) settling 0.4% higher at $44.40 a barrel, following a nearly 4% selloff last week.
Read more:Stock market tracking tech rebound, oil slump ahead of big bank earnings (http://www.marketwatch.com/story/stock-market-tracking-tech-rebound-oil-slump-ahead-of-big-bank-earnings-2017-07-08)
Treasury yields retreated slightly (http://www.marketwatch.com/story/treasury-yields-retreat-as-ecb-officials-question-taper-timing-2017-07-10) as central bankers in Europe questioned how soon the European Central Bank could start tapering its bond-buying programs. The yield on the 10-Year Treasury slipped 1 basis point to 2.375%, following a rise from around 2.14% in late June.
"Central banks are likely to remain a key focus for investors this week, with the sudden hawkish shift among a number of them in recent weeks pushing bond yields higher and weighing on risk appetite," said Craig Erlam, senior market analyst at Oanda, in a note.
Meanwhile, consumer credit for May (http://www.marketwatch.com/story/us-consumer-credit-climbs-at-seven-month-high-rate-of-58-2017-07-10) rose 5.8%, it's largest growth in seven month, according to the Fed.
Stocks to watch:Abercrombie & Fitch Co. (ANF) shares lost more than a fifth of their value after the embattled retailer early Monday said it terminated a potential buyout of the company, and Best Buy Co. Inc.'s stock (BBY) tumbled 6.3% amid worries about heightened competition (http://www.marketwatch.com/story/best-buys-stock-tumbles-to-pace-sp-500-decliners-amid-concerns-over-amazon-effect-2017-07-10), highlighting the struggles of brick-and-mortar retailers.
Along those lines, Macy's Inc.(M) shares closed down 7.1%, Gap Inc.(GPS) dropped 6.3% and Kohl's Corp.(KSS) shares fell 4.2%.
Fertilizer stocks (http://www.marketwatch.com/story/fertilizer-stocks-surge-to-lead-sp-500-gainers-as-corn-prices-jump-to-13-month-high-2017-07-10) like Mosaic Co.(MOS) and CF Industries Holdings Inc.(CF) jumped on the S&P 500 as corn prices jumped.
Shares in Tesla Inc.(TSLA) closed up 0.9% after falling 13% last week (http://www.marketwatch.com/story/teslas-bad-week-gets-worse-as-elon-musks-credibility-takes-another-hit-2017-07-06), as the first Model 3 sedan rolled off the electric-car maker's assembly line (http://www.marketwatch.com/story/elon-musk-shows-off-first-model-3-to-roll-off-assembly-line-2017-07-09) over the weekend.
Amazon.com Inc. (AMZN) was in focus as it is set to launch on Tuesday its "prime day" sales event. Shares finished up 1.8%. The company also reported that a new fulfillment center in Orlando, Fla., would create 1,500 new jobs (http://www.marketwatch.com/story/amazon-to-create-1500-new-jobs-in-florida-with-new-fulfillment-center-2017-07-10), with benefits.
Barnes & Noble Inc. (BKS) slumped 4% as the company appointed Carl Hauch (http://www.marketwatch.com/story/barnes-noble-appoints-chief-operating-officer-2017-07-10), formerly chief operating officer at CityMD, as its vice president of stores.
Shares of Arconic Inc.(ARNC) rose 3% after the maker of aluminum products was upgraded at J.P. Morgan (http://www.marketwatch.com/story/arconic-stock-surges-after-jp-morgan-turns-bullish-2017-07-10), citing improved valuation
Other markets:European stocks (http://www.marketwatch.com/story/european-stocks-rise-with-dax-marching-higher-as-german-exports-surge-2017-07-10) finished higher, after Asian markets (http://www.marketwatch.com/story/asian-markets-bounce-back-after-last-weeks-losses-2017-07-09) mostly closed with gains.
Gold futures (http://www.marketwatch.com/story/gold-slips-heads-toward-fresh-four-month-low-2017-07-10) advanced 0.3% to settle at $1,213.20 an ounce, and a key dollar index traded relatively flat.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
--Victor Reklaitis in London contributed to this article.
(END) Dow Jones Newswires
July 10, 2017 16:23 ET (20:23 GMT)