US Major Stock Indexes See Modest Bounce Off Monday Lows

US Major Stock Indexes See Modest Bounce Off Monday Lows

$IBB, $ITB, $SPY, $DIA, $QQQ

DJIA -1.1% YTD, NAS 100 +5.3% YTD, S&P 500 +0.2% YTD, Russell 2000 +4.0% YTD

DJIA +23.16 at 17619.85, NAS 100+28.40 at 4986.87, S&P 500 +5.47 at 2063.23

Volume: trade was heavy with more than 1-B/shares changing hands on the NYSE.

The US stock market ended June with a modest bounce, the S&P 500 marked a 2.1% loss on the month.

Eurogroup Chief Jeroen Dijsselbloem acknowledged the receipt of a new proposal from the Greek government with the offer set to be reviewed at Wednesday’s Eurogroup meeting.

The speculation about a potential cancellation of the referendum had little impact on EUR. The single currency slid 0.6% Vs USD to 1.1145.

US Treasuries finished near their flat lines. The 10-yr T-Note ended just below its flat line with its yield higher by a bpt at 2.34%, which represented a 22-bpt increase on the month.

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7 of the 10 stock sectors finished in the Green Tuesday.

The energy stock sector (+0.6%) and consumer discretionary stock sector (+0.5%) show relative strength on the day. Energy stocks rallied behind Crude Oil, which rose 1.9% to 59.44 bbl. Despite Tuesday’s outperformance, the energy sector lost 3.6% on the month.

8 other sectors ended the month in the Red

The consumer discretionary stock sector (+0.5%) added 0.5% thanks to Tuesday’s performance. Homebuilders represented an area of relative strength in June with iShares Dow Jones US Home Construction ETF (NYSEArca:ITB) 27.45, +0.02 adding 0.1% Wednesday to extend its monthly gainer to 3.1%.

The technology stock sector (+0.2%) spent the day behind the broad market. The PHLX Semiconductor Index gained 0.4% with all but 8 components ending in the Green. Despite Tuesday’s strength, the Semiconductor Index lost 8.7% in June.

The Nasdaq 100 (+0.6%) ended ahead of the broad market as biotechnology showed relative strength.

The iShares Nasdaq Biotechnology ETF (NYSEArca:IBB) 368.97, +8.40 gained 2.3%, the healthcare sector (+0.4%) finished ahead of other countercyclical groups.

Economic data

  • The Chicago PMI increased to 49.4 in June from 46.2 in May, consensus expected an increase to 50.0
  • The Conference Board’s Consumer Confidence Index increased to 101.4 in June from a  revised 94.6 from 95.4 in May, consensus expected an increase to 97.5
  • The Case-Shiller 20-City Home Price Index for April rose 4.9% against a 5.6% increase expected by the consensus

Wednesday

The weekly MBA Mortgage Index will be released at 7:00a EDT, June Challenger Job Cuts will be reported at 7:30a EDT, the ADP Employment Report for June  (consensus 220-K) will be released at 8:15a EDT, May Construction Spending (consensus 0.3%) and June ISM Index (expected 53.2) will both be reported at 10:00a EDT.

Stay tuned…

HeffX-LTN

Paul Ebeling

 

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