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4 Hours Ago
Financials sector drags Tuesday, while real estate and utilities gain
Real estate and utilities outperformed the S&P 500 on Tuesday, inching up 0.4% compared to the broad market index’s 0.3% decline. Digital Realty Trust and Iron Mountain led the real estate sector’s gains, both up more than 2%.
Financials was the most-declining sector, trading 0.8% lower Tuesday, with banks pulling down the group after S&P Global’s downgrade of several regional lenders. Regions Financial lost 5.1% and Zions Bancorp shed, while KeyCorp and Comerica dropped 4%. Charles Schwab dropped 4.8% on news that the firm is looking to raise debt in the bond market.
Energy and consumer staples were also lagging the market. Target’s stock price shaved off 3% and Estee Lauder dropped 1.8%. Other retailers trading in the red Tuesday include food product distributor Sysco, Dollar General and spice maker McCormick & Company.
— Pia Singh
3 Hours Ago
Oil supply could outpace demand, Citi commodities head says
Investors should be bearish on oil, according to Ed Morse, Citi Research’s head of global commodities.
A range of countries have been able to grow their oil production, he said. Meanwhile, he said demand likely won’t keep up.
“The supply side is probably more important than the demand side at the moment,” he said on CNBC’s “Power Lunch.” “We can’t underestimate what’s happening on supply.”
— Alex Harring
8 Hours Ago
Business indexes show weakness in August
Business surveys from two Federal Reserve district showed activity remained sluggish in August.
The Richmond Fed’s Business manufacturing survey turned in a reading of -7 for the month. That was up slightly from the -9 in July and the Dow Jones estimate for -10. However, the gauge represents the difference between companies seeing expansion against contraction, so it still shows weakness.
Separately, the Chicago Fed’s Survey of Economic Conditions turned in a reading of -23, which was better than July’s -31. The reading is not a straight diffusion index like Richmond’s, but the level suggests “that economic growth was below trend,” the central bank said in an accompanying narrative.
—Jeff Cox
9 Hours Ago
Home sales slid in July as prices increased
Home sales declined at a faster pace than expected in July as prices pushed higher, the National Association of Realtors reported Tuesday.
Existing sales dropped 2.2% from June, against the Dow Jones estimate for a 0.2% decline. Sales totaled 4.07 million, against the estimate for 4.15 million, and were off 16.6% from a year ago.
The median sales price increased 1.9% to $406,700, while unsold existing homes rose 3.7% from June to the equivalent of 3.3 months of supply.
—Jeff Cox
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