US stocks end lower after retail sales boost

Benchmark US indices closed the week lower on Friday, July 16, as losses in cyclical stocks eclipsed the gains in growth stocks after the commerce department said retail sales rose marginally in June.

The S&P 500 was down 0.75% to 4,327.16. The Dow Jones declined 0.86% to 34,687.85. The NASDAQ Composite fell 0.80% to 14,427.24, and the small-cap Russell 2000 shed 1.24% to 2,163.24.

Retail sales rose by 0.6% in June, the Commerce Department said on Friday. Core retail sales increased by 1.1% in June. It also revised the May sales figures, which further fell from 1.3% to 1.7%.

The US economic activities moved at a frenzied pace as demand and the government stimuli encouraged growth. Sales of used cars and trucks soared due to the short supply of new vehicles stemmed by chip shortage. Despite declining auto sales, retail sales continued to recover in June.

However, investors took comfort from the positive labor market data released the previous day, which showed unemployment benefit claims fell by 26,000 to a 16-month low of 360,000 last week.

                       

Global Market Roundup || US Stocks End Lower On Friday After Retail Sales Boost

 

Seven of the 11 critical segments of the S&P 500 remained in negative territory. Energy and basic materials stocks declined while the utility sector moved up the ladder.

Investors would keenly watch the following week's second-quarter earnings reports of technology companies after several major US banks announced their results this week.

IBM Corp, Verizon Communications, AT&T, Twitter, Intel, Netflix, and many other companies are expected to release their earnings reports in the coming week. Meanwhile, Intel Corp said it plans to acquire GlobalFoundaries for US$30 billion. Intel stock was down 0.39% in Friday’s trading.

Pharmaceutical company Moderna Inc. will start trading on the S&P 500 from July 21. The Moderna (MRNA) stock surged 8.11% on the news. On the other hand, Chinese ride-hailing company DiDi Global Inc. stock fell 3.88% after police raided its premises as part of an ongoing cybersecurity probe.

In energy stocks, Exxon Mobil Corporation (XOM) fell 2.07%, Chevron Corporation (CVX) declined 1.90%, and PetroChina Company Limited (PTR) dropped 1.96%. BP plc (BP) and ConocoPhillips (COP) ticked down 2.19% and 1.87%, respectively. Enbridge Inc. (ENB) advanced 0.43%.

Also Read: US inflation climbs 5.4% in June, highest growth in 13 years

In basic material stocks, BHP Group (BHP) plummeted 1.98%, Newmont Corp (NEM) dropped 2.39%, and Freeport-McMoran Inc (FCX) fell 3.00%.

Utility stocks NextEra Energy Inc (NEE) increased by 1.31%, Duke Energy Corp (DUK) rose 1.06%, and The Southern Company (SO) gained 0.94% after robust Q2 earnings. Dominion Energy Inc. (D) and Exelon Corporation (NGG) advanced 1.35% and 0.92%, respectively.

In crypto stocks, Coinbase Global Inc. (COIN) rose 1.13%, Bitcoin (BTC) was up 2.52%, and Ethereum (ETH) gained 1.64%.

Copyright ©Kalkine Media 2021

Also Read: How do you find hyper-growth blue-chip stocks?

Top Gainers

Top performers on S&P 500 included Cintas Corp (4.62%), Teleflex Inc (3.75%), State Street Corp (2.89%), Clorox Co (2.62%). On NASDAQ, top performers were China SXT Pharmaceuticals Inc (41.33%), Red Cat Holdings Inc (41.15%), GX Acquisition Corp (27.18%), TD Holdings Inc (24.40%). On Dow Jones, Procter & Gamble Co (0.97%), Amgen Inc (0.54%), Travelers Companies Inc (0.52%), Salesforce.Com Inc (0.36%) were the leaders.

Top Losers

Top laggards on S&P 500 included Norwegian Cruise Line Holdings Ltd (-5.36%), Caesars Entertainment Inc (-4.84%), LyondellBasell Industries NV (-4.81%), Occidental Petroleum Corp (-4.74%). On NASDAQ, Bit Brother Ltd (-48.50%), FibroGen Inc (-42.23%), American Outdoor Brands Inc (-21.96%), Neptune Wellness Solutions Inc (-21.69%). On Dow Jones, Dow Inc (-3.07%), Chevron Corp (-2.65%), Walt Disney Co (-2.63%), Goldman Sachs Group Inc (-2.29%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (18.08M), Bank of America Corp (14.70M), CSX Corp (8.87M), General Electric Co (8.50M), Wells Fargo & Co (8.15M), Ford Motor Co (7.87M), Microsoft Corp (7.78M), Intel Corp (7.75M), Pfizer Inc (7.54M), American Airlines Group Inc (7.46M), TD Holdings Inc (20.36M), Exela Technologies Inc (15.03M), China SXT Pharmaceuticals Inc (11.42M), Moderna Inc (7.31M), Aehr Test Systems (7.12M).

Also Read: Top SaaS stocks on Wall Street

Futures & Commodities

Gold futures were down 0.92% to US$1,812.20 per ounce. Silver decreased 2.69% to US$25.683 per ounce, while copper fell 0.37% to US$4.3070.

Brent oil decreased 0.42% to US$73.16 per barrel and WTI crude was down 0.31% to US$71.41.

Bond Market

The 30-year Treasury bond yields was up 0.45% to 1.928, while the 10-year bond yields increased 0.25% to 1.300.

US Dollar Futures Index increased 0.09% to US$92.713.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

   

Kalkine

Rated 4.3/5 based on 904 Reviews at Google My Business