Tech Stocks Struggle – Acadiana Business Index
- The Dow Jones added 59 points in the session to close at 12,676. The S&P 500 gave up less than a point to end at 1338 and the NASDAQ shed 9 points to finish at 2854 after briefly turning positive in midsession trading.
- Stocks pared their advance as investors digested a bevy of corporate earnings and a weaker-than expected reading on June new home sales.
- Speculation on Fed stimulus was also a factor in the session following a Wall Street Journal report that stated the Federal Reserve could look to supply stimulus as early as next week.
- Sector performance was tied heavily to corporate profit tallies.
- Industrials moved higher after Caterpillar and Boeing posted better-than-expected results in the quarter. Shares of Caterpillar added $1.17 to $82.60 and Boeing gained $2.00 to $74.03.
- Tech stocks were the worst performers. A decline in Apple weighed heavily on the tech sector. Shares slipped $25.95 to $574.97 following their disappointing earnings report.
- Also among earnings, Pepsi advanced $1.51 to $70.30 and Netflix fell $20.11 to $60.28 following their results.
- Composite volume on the NYSE is 3.7 billion shares with advancers besting decliners by a margin of 7-6. The NASDAQ was 3-2 positive on issues.
- Turning to bonds, Treasuries were little changed. The benchmark 10-year note was down 3/32 to yield 1.40% and the 30-year unchanged yielding 2.46%