Biggest Drop In 3 Years…
Stocks are lower Tuesday
on higher oil prices and a drop in consumer spending. Oil made a
21-year high of $44.24 and consumer spending in July fell 0.7%, the largest
amount in 3 years; the Street expected a 0.1% drop. Personal incomes rose 0.2%,
a slowdown from May’s 0.6% rise. Traders are also focused on Friday’s employment
number; according to a Reuters poll, economists expect a rise of 228,000.
The monthly employment survey by Challenger, Gray & Christmas showed employers
planned more job cuts in July than they did the prior month.
| Dow | -16.08 | 10163.08 |
| S&P 500 | -1.41 | 1105.21 |
| Nasdaq | -14.25 | 1877.84 |
Strong today are: Oil Â
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
+1.13%, Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +0.59%, Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+0.43%.
Weak today are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -2.38%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -1.46% and Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) -1.12%.
10-year Notes are +055 at 111 015
The dollar
is -0.18 at 89.57
Gold is +1.00 at 392.20
Crude Oil is -0.02 at
43.80
Volume is 598 million on
the NYSE and 676 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1490 | Up Vol 246 |
| Declining | 1617 | Down Vol 308 |
| Ratio | 1.08 | 1.25 |
| Nasdaq |
||
| Advancing | 1099 | Up Vol 189 |
| Declining | 1809 | Down Vol 456 |
| Ratio | 1.64 | 2.41 |
Stocks in the news:
Ford’s
(
F |
Quote |
Chart |
News |
PowerRating) July sales fell 4.1%;
the company lost ground to Asian and domestic competitors.
Qwest reported a wider-than-expected loss
Cal-Maine Foods (CALM} said they will buy back up to 2 million shares.
Qwest (Q) reported a wider loss.
Profits at Coach (COH) more than doubled.
Adobe (ADBE) raised its Q3 revenue and profit targets.
Tyco (TYC) reported Q3 profit rose 62%.
Ligand {LGND) is lower after reported a worse-than-expected loss.
Â
Brice Wightman
bricew@tradingmarkets.com