Breaking News
0

Stocks - Market Flat Ahead of G20 Meeting

Stock MarketsJun 24, 2019 06:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Stocks basically stood still on Monday after a weekend of worry about global economic concerns and relief, perhaps, the United States didn't attack Iran over the downing of a spy drone last week.

But it's possible the next few days will yield more of the same as investors wait to see how a meeting between President Donald Trump and China President Xi Jinping goes. The two leaders are supposed to hold "an extensive meeting" this weekend at the G20 economic summit in Tokyo.

Trump also announced new sanctions on Iran, designed to get the Islamic Republic to renegotiate its nuclear agreement from a few years ago. So far, Iran has refused to negotiate.

In the meantime, the S&P 500 was off 0.2% on Monday. The Dow Jones industrials rose 0.03% and the Nasdaq Composite slipped 0.24%. Futures trading suggests the S&P 500 and Nasdaq-100 index will move only a little going forward. The Dow could push up perhaps 60 points.

Something to watch: the S&P 500 closed at an all-time high on Thursday and reached a new interim high on Friday. But the Dow, the Nasdaq and other indexes have not followed through. The Dow ended Monday off 0.8% from its all-time high set in October. The Nasdaq Composite is off 2.1% from its all-time high reached at the end of April.

The market was supported by tech stocks, materials stocks and consumer staples stocks like Walmart (NYSE:WMT), which hit a 52-week high. Microsoft (NASDAQ:MSFT) and Coca-Cola (NYSE:KO) also hit 52-week highs.

On the downside were health-insurance companies, such as Walgreens Boots Alliance (NASDAQ:WBA) and UnitedHealth Group (NYSE:UNH).

Energy shares, including Chevron (NYSE:CVX) and Exxon Mobil (NYSE:XOM) were lower.

Discretionary stocks also fell. One was Ulta Beauty (NASDAQ:ULTA), which had been up as much as 45% for the year as of Friday. Ulta, which sells beauty products and operates salons, was off 3.1% Monday after Amazon.com (NASDAQ:AMZN) announced it was starting a service to sell beauty products to professionals. Amazon saw a modest gain on the day.

There was a big deal to cheer the lovers of big deals. Caesars Entertainment (NASDAQ:CZR), the big casino operator, agreed to merge with Eldorado Resorts (NASDAQ:ERI) in an $8.6 billion, cash-and-stock deal. Caesars was up 14.5%; Eldorado fell 10.6%.

Interest rates continued to move lower. The United States 10-Year yield fell to 2.02%, the lowest level since November 2016. News reports have suggested the interest-rate decline has unleashed new refinancing demand among homeowners and interest in home buying. The declines reflect an investor bet that the Federal Reserve will cut interest rates at its meeting at the end of July. Investing.com's Fed Rate Monitoring Tool suggests a rate cut is certain at that meeting, with a 73% chance of another rate cut in September.

Crude oil was lower for much of the day, but rebounded near the end of the session. WTI futures finished up 47 cents at $57.90 a barrel. Brent futures, the global benchmark, were off 34 cents to $64.86, but cut its loss considerably.

Gold Futures continued to surge above $1,400 an ounce, settling at $1,418.20 an ounce. There was speculation the metal could drive above $1,500.

Winners and Losers in the S&P 500

Gaming companies Electronic Arts (NASDAQ:EA) and Activision Blizzard (NASDAQ:ATVI) and mining giant Newmont Goldcorp (NYSE:NEM) were among the top S&P 500 performers.

Pharmaceutical-maker Bristol-Myers Squibb (NYSE:BMY), railroad equipment maker Wabtec (NYSE:WAB) and biotech giant Celgene (NASDAQ:CELG) were among the S&P 500 laggards on the day.

Stocks - Market Flat Ahead of G20 Meeting
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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
Ahmed Zakaria ziane
Ahmed Zakaria ziane Jun 24, 2019 4:57PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Jean Pierre le Roux
Jean Pierre le Roux Jun 24, 2019 4:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thank you..important to note "Gold continued to surge above $1,400 an ounce".
 
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