U.S. Equities Advance as Tech Stocks Rally for Fourth Session

U.S. stocks edged higher Tuesday with technology companies rallying for the fourth day as investors assessed corporate earnings.

The S&P 500 added 0.1 percent to 2,391.17 at 4 p.m. in New York. The benchmark gained 0.2 percent on Monday, holding onto gains even after U.S. President Donald Trump said he is actively considering breaking up big Wall Street banks. The Dow Jones Industrial Average climbed 0.2 percent to 20,949.89.

  • Small-cap stocks drop 0.6% for third loss in four sessions
  • Industrial (+0.5%) and health-care shares (+0.3%) lead market as seven of 11 sectors advance
  • Consumer staples and energy stocks end at least 0.5% lower
  • S&P 500 trading with volume 40% above average at this time
    • Volume movers: Cummins, AMD, Coach, Affiliated Managers and Mosaic all trading with at least 5x 30-day average volume
  • VIX nudges up to 10.6
    • “As VIX falls further, equity prices get boosted and financial conditions loosen, which will likely keep the Fed on track for hikes despite the hard data from the economy showing a soft trend,” writes Ben Emons of Intellectus Partners
    • Volatility movers: Macerich, Stryker, Motorola Solutions and Clorox have highest put/call volume ratio in S&P 500
  • POLITICS:
    • President Donald Trump threatened Tuesday to force a government shutdown later this year after congressional Democrats and Republicans struck a budget deal that largely neglected his priorities.
    • Buzz on Wall Street is that, financial considerations aside, the administration’s ambitious, pro-growth agenda could make ultra-long bonds a reality in the Treasury market
  • ECONOMY:
    • Wards Total Vehicle sales 16.81m vs 17.10m estimate
    • Ford Motor Co., General Motors Co. and Toyota Motor Corp. posted deeper U.S. sales declines than analysts projected; average new-car price in the U.S. rose about 2 percent over the past year, according to data from TrueCar Inc.’s ALG
  • EARNINGS: 
    • After-hours, Apple sees 3Q revenue below analyst estimates while boosting dividend
    • So far in the earnings season, about 60% of S&P 500 companies have reported quarterly results, with profits up 16% year over year, data compiled by Bloomberg show; about 76% of companies have reported better-than-expected earnings, versus 69% in the same period a year ago
    • After-market Tuesday: Newfield Exploration Co (NFX), Western Union Co/The (WU), Assurant Inc (AIZ), ONEOK Inc (OKE), FMC Corp (FMC), Akamai Technologies Inc (AKAM), Verisk Analytics Inc (VRSK), DaVita Inc (DVA), Gilead Sciences Inc (GILD), Envision Healthcare Corp (EVHC), Mondelez International Inc (MDLZ), Devon Energy Corp (DVN), Hanesbrands Inc (HBI), Anadarko Petroleum Corp (APC), Allstate Corp/The (ALL), Apple Inc (AAPL)
    • Pre-market Wednesday: Time Warner Inc (TWX), Automatic Data Processing Inc (ADP), Exelon Corp (EXC), NiSource Inc (NI), Reynolds American Inc (RAI), Garmin Ltd (GRMN), Clorox Co/The (CLX), Humana Inc (HUM), Harris Corp (HRS), Estee Lauder Cos Inc/The (EL), Yum! Brands Inc (YUM), Southern Co/The (SO), Intercontinental Exchange Inc (ICE), Molson Coors Brewing Co (TAP), Delphi Automotive PLC (DLPH)
  • First Word Street Wraps:

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