Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 Falls as Bulls Sidelined Despite Upbeat Earnings; Retail Sales Eyed

Stock MarketsJul 15, 2021 04:04PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 fell Thursday, as upbeat quarterly results from corporates weren't enough to shake the broader market out of its malaise ahead of data due Friday expected to show a rebound in retail sales .

The S&P 500 fell 0.33%, the Dow Jones Industrial Average gained 0.15%, or 54 points, the Nasdaq was down 0.70%.

Banks continued to report quarterly results that topped Wall Street expectations, helping financials snap out of their recent malaise even as U.S. bond yields continued to make losses.  The 10-year yield hit its lowest since mid-February.

Morgan Stanley (NYSE:MS) ended modestly higher after reporting second-quarter results that beat expectations on the both the top and bottom lines as strength in equities trading and investment banking fees bolstered performance.

The regional banks, however, fared better with U.S. Bancorp (NYSE:USB) and Truist Financial (NYSE:TFC) topping Wall Street estimates, sending both shares more than 2% higher.

But the backdrop of positive quarterly results did little to spark a bid in the broader market as energy and tech stocks led the downside.

Energy stocks declined more than 1% paced by a fall in oil prices on expectations for further supply after Saudi Arabia and the United Arab Emirates reportedly reached a compromise that should lead to an easing of production curbs.

The major cap tech stocks struggled to keep up their recent momentum.

Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), Google-parent Alphabet (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT were in the red.

On the economic front, the recovery in the labor market continues to gather pace as jobless claims fell to a pandemic low.

Initial jobless claims fell 26,000 to 360,000 from an upwardly-revised 386,000 in the week ending July 10.

“There was a noticeable reversal of progress in the claims data in mid-June, but the data of the last three weeks suggests that the recovery is back on track,” Jefferies (NYSE:JEF) said in a note.

The malaise in the broader market comes just a day before the release of the retail sales data that will serve as a gauge for the health of the consumer. Retail sales are expected to have declined 0.4% in June following a 1.3% decline in May.

The consumer, which makes up two thirds of the economic growth, is expected to keep the economy humming along, and take up the supportive void expected to be left by the Fed when the central bank eventually begins to tighten monetary policy.

“In a K-shape recovery [...] you need to consumers to come in and be healthy and provide support, because there has to be a handoff from, from a Fed-supported economy to a consumer-supported economy,” Darren Schuringa, CEO of ASYMmetric ETF told Investing.com earlier this week.

Looking ahead, some are forecasting a big move in equities ahead including a possible correction. 

"Based on technical setups and the current macro environment, we could see some explosive moves in U.S. equities in the coming weeks, in our opinion. This could include a bigger correction on the S&P 500 than experienced thus far this year- where we continue to watch for the possibility of a 10% decline (potentially more) in the second half of the year," according to Mark Luschini, Chief Investment Strategy of Janney Montgomery Scott.

S&P 500 Falls as Bulls Sidelined Despite Upbeat Earnings; Retail Sales Eyed
 

Related Articles

TTSH is this Week’s Featured Stock 
TTSH is this Week’s Featured Stock  By StockNews - Oct 22, 2021

The Tile Shop Holdings (NASDAQ:TTSH) is a leading specialty retailer of manufactured and natural stone tiles. The company has staged an impressive earnings turnaround. Read more to...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (14)
John Brown
John Brown Jul 16, 2021 12:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SPY: New Highs tomorrow!!!😎
William Bailey
William Bailey Jul 15, 2021 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Game over check-mate scenario where the loser moves back and fourth for a few moves . Markets set to correct 70-80 percent in next 120 days
Mark Manley
Mark Manley Jul 15, 2021 6:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The headline here should be "Economic recovery sidelined by badly misinformed economic policies of whack0 liberals"
William Bailey
William Bailey Jul 15, 2021 6:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Really? Um , most stum was under ol trumper-market-pumper with free credit ! Fed spent it all out and QE being reversed in tbe background already … when the liquidity drains out game over markets
Larry DeAngelis
Larry DeAngelis Jul 15, 2021 5:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So sad that the market had a down day. You better get used to a lot more.
Jose Tavares
Jose Tavares Jul 15, 2021 5:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I love S&P 500 but it felt short with it's earnings but the Dow Jones Industrial gained 54 points higher and Nasdaq suffer another loss. apple, Amazon, fb, google, Microsoft are in Red which means a slow start on rising index but the points stay low. I feel investment companiesshould take risks you never the outcome of it, Bulls got higher earnings.
New Jazenevd
New Jazenevd Jul 15, 2021 5:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Who cares about earnings now? The market gets a dose of freshly created money, devours it and jumps, and then wait digesting until next dose of the money comes.
frank zapper
frank zapper Jul 15, 2021 4:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
as long as Biden keeps giving away free money and letting in millions of people who are not tested for c19 what can go wrong
Mark Brovchuk
Mark Brovchuk Jul 15, 2021 4:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
slide where!? there was no correction, the stonks only go up, bears are not existing anymore, small players burned, economy is as usual, and you say slide? can you please take on glasses, and take a look on the graph! 4400. 400 points in a really short period. Overbought. its not a market, anymore. its a showcase
carl burwick
carl burwick Jul 15, 2021 4:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not to be captain obvious...but might have something to do with the fact that there is a massive spike in inflation that is not "transitory" as they were trying to gaslight, spike in home prices with decline in home sales, landlords going bankrupt due to tenants unable to pay rent and unable to be evicted, massive spike in cost of living and gas (in blue areas such as certain parts of California the rise in cost of living is over 85% higher than the national average), and the market tanks any time they so much as hint at interest rates going up 0.01% while personal/corporate/government debt are at historic levels and you got a tyrannical regime trying to use illegitimate methods such as threatening to end the filibuster to force through trillions in partisan spending...yeah, the only thing that is important is the illusion of increased revenue on paper.
Pen Fifteen Club
Pen Fifteen Club Jul 15, 2021 4:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Your headlines and pictures continue to be the worst in the business. Congratulations for being awful at your job and a terrible 'writer'.  Maybe try to copy and paste from Bloomberg if you want some decent writing?
carl burwick
carl burwick Jul 15, 2021 4:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
These people are just trying to get a paycheck, but they have had to sell their soul to the globalist devil. It is a shame what MSM has devolved into - just North Korea-style propaganda - and these "journalists" have have to give up every shred of their dignity or find another job...it is the type of world that Marxist are building, where there is no diversity of though permitted, only allegiance and work for the Mother Party and those at the top.
carl burwick
carl burwick Jul 15, 2021 4:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
*thought
Lorence Issa
Lorence Issa Jul 15, 2021 4:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Markets wants to rocket organically, although Goverment/Fake News creating fear with Plandamic/Corna/Delta ******
Bruno Silva
Bruno Silva Jul 15, 2021 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
To sit on cash is a smart move right now.
Joe Messeri
Joe Messeri Jul 15, 2021 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Exactly
Troyer Billions
Troyer Billions Jul 15, 2021 4:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
wow that was sooo confusing 😐
som nang
som nang Jul 15, 2021 4:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email