Stocks finished Monday trading mixed but the performance mattered little as a strong Q2 came to a close. Tech stocks posted moderate gains as a group, lifting the NASDAQ Composite Index to a small advance on the day. While the rest of the market was soggy. Commodity-related stocks also rose Monday, with shares of healthcare and industrial companies each taking hits. Still, the broad S&P 500 recorded its 5th straight month for gains and its biggest Q2 advance since 2009. The DJIA ends June up 3.9% and the quarter up 4.7%.
Investor response to economic data Monday was muted despite strong housing sales activity during May, with signed contracts for previously owned homes rising 6.1% over the prior month and crushing market expectations looking for a 1.0% rise. It was the largest increase since April 2010 when home sales popped ahead of a first-time buyer tax credit expiring.
Also on Monday, the Chicago purchasing managers index fell to a 62.6 reading this month from May's 65.5 reading, missing estimates for a smaller decline to 64.0. But the Dallas Fed reported an improvement in business activity and production in Texas and surrounding states during June, with indices for both categories increasing to 11.4 and 15.5, respectively.
Commodities were mixed, with metals largely rising while hydrocarbons settling little changed. August Gold climbed $2.30 to $1,322.30 per ounce while July Silver fell 11 cents to finish at $21.03 per ounce. July Copper added 3 cents to $3.20 per pound. Crude Oil for August delivery settled 4 cents lower at $105.37 per barrel while August Natural Gas rose 5 cents to finish at $4.46 per 1 million BTU.
Here's Where The U.S. Markets Stood At Day's End
- Dow 30 Average down 25.24 (-0.15%) to 16,826.60
- S&P 500 down 0.73 (-0.04%) to 1,960.23
- NASDAQ Composite Index up 10.25 (+0.23%) to 4,408.18
GLOBAL SENTIMENT
- Hang Seng Index down 0.13%
- Shanghai Composite Index up 0.59%
- FTSE 100 Index down 0.20%
UPSIDE MOVERS
- (+) FOLD, Climbs to 17-month high after completing a late-stage study of its migalastat monotherapy for Fabry patients is now complete, saying top-data due out during the next three months.
- (+) DRNA, Announces positive preclinical data for its DCR-PH1 drug candidate to treat primary hyperoxaluria type 1, a rare, inherited liver disorder causing progressive kidney damage.
- (+) MILL, Raised to Buy from Neutral at SunTrust Robinson Humphrey, which also bumped its price target for the stock by $2 to $10 a share.
DOWNSIDE MOVERS
- (-) ADGE, Files amended prospectus for a $20 million offering of stock. Proceeds will be used for working capital, including installation of current and new energy cogeneration systems and chillers.
- (-) TWGP, Shares decline as speculation rises the company's buyout deal with ACP, a trust created by AmTrust Financial Services (AFSI) will fall apart, with TWGP asking AFSI to affirm its commitment by 5 p.m. tonight.
- (-) APP, Adopts shareholder rights program, rejecting a bid by former CEO Dov Charney for a special meeting.
After Hours Stock News From Midnight Trader.
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