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Stocks - Wall Street Takes Pre-Holiday Breather; Ulta Shares Crash

Stock MarketsAug 30, 2019 04:58PM ET
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Investing.com - Stocks stumbled Friday after a tumultuous month dominated by trade tensions, battles between the president and the Federal Reserve, and falling interest rates.

The S&P 500 gained all of 0.06%. The Dow Jones industrials rallied to a 0.16% gain and the Nasdaq Composite dropped 0.13%.

In a month where the Dow saw 16 days where changes were 100 points or more, traders probably decided they needed the break for the Labor Day weekend to recharge. U.S. markets will be closed on Monday.

But the U.S.-China trade battles that dominated headlines this month will be back. The United States plans to impose tariffs on a wide variety of goods from China starting Sunday. There's a second round, mostly on consumer products, due in December. The two sides mostly toned down the rhetoric this week, allowing stocks to come back from losses the week before.

The S&P 500 finished the week up 2.8%, while the Dow rose 3%. The Nasdaq was up 2.7%.

The S&P 500 finished August with a 1.8% loss. The Dow fell 1.72% and the Nasdaq dropped 2.6%.

For the year, the S&P 500 is up 16.7%, while the Dow has risen 13.2%. The Nasdaq is up 20%.

The splashiest move of any stock came from Ulta Beauty (NASDAQ:ULTA), which had been growing rapidly for the last few years. But Thursday, it cut its profit forecast for the full year and warned that sales would slow. CEO Mary Dillon said the outlook reflects "the headwinds we are currently seeing in the U.S. cosmetics market."

Shares were off 29%, by far the worst performer among stocks in both the S&P 500 and the Nasdaq 100 index. The Nasdaq 100 was down 0.15%.

Ulta was only a small reason for the decline. Decliners included Cisco Systems (NASDAQ:CSCO), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Costco Wholesale (NASDAQ:COST), Starbucks (NASDAQ:SBUX), Amazon.com (NASDAQ:AMZN) and Google parent Alphabet (NASDAQ:GOOGL).

Leading the Dow were pharmacy giant Walgreens Boots Alliance (NASDAQ:WBA); UnitedHealth Group (NYSE:UNH) after multiple days of losses and Intel (NASDAQ:INTC). Cisco Systems (NASDAQ:CSCO) was the laggard, down 1%.

The quiet day came as oil prices moved lower. Gold futures were $7.50 lower to $1,529.40 an ounce, but palladium, a key element used to control automobile emissions, jumped a whopping $57.70 an ounce in the futures market to $1,539.50, making it once again the world's priciest metal.

Interest rates moved lower with the 10-Year yield falling to 1.505% from Thursday's 1.516%. The spread between the 10-year yield and two-year yield narrowed to negative 0.77 basis points, continuing the yield inversion that has many concerned a recession may be in the offing. The 2-Year yield was 1.51%.

Interest rates moved lower with the 10-Year yield falling to 1.505% from Thursday's 1.516%. The spread between the 10-year yield and two-year yield narrowed to negative 0.77 basis points, continuing the yield inversion that has many concerned a recession may be in the offing. The 2-Year yield was 1.51%.

In addition to the battles over trade and tariffs, next week brings the monthly jobs and unemployment report, the most important U.S. economic report.

There is also concern over where Hurricane Dorian will make landfall. The National Weather Service says the storm - now a Category 3 hurricane but likely to strengthen - will hit somewhere in Florida, although no one knows exactly where. One track has the storm coming ashore north of West Palm Beach.

Chipmaker Western Digital (NASDAQ:WDC), discount retailer Dollar Tree (NASDAQ:DLTR), Campbell Soup (NYSE:CPB) and casino operator Wynn Resorts (NASDAQ:WYNN) were among the top S&P 500 leaders on the day.

Ulta), Alexion Pharmaceuticals (NASDAQ:ALXN), contact-lens maker Cooper Companies (NYSE:COO) and Marathon Oil (NYSE:MRO) were among the worst S&P 500 performers.

In addition to the battles over trade and tariffs, next week brings the monthly jobs and unemployment report, the most important U.S. economic report.

There is also concern over where Hurricane Dorian will make landfall. The National Weather Service says the storm - now a Category 3 hurricane but likely to strengthen - will hit somewhere in Florida, although no one knows exactly where. One track has the storm coming ashore north of West Palm Beach.

Chipmaker Western Digital (NASDAQ:WDC), discount retailer Dollar Tree (NASDAQ:DLTR), Campbell Soup (NYSE:CPB) and casino operator Wynn Resorts (NASDAQ:WYNN) were among the top S&P 500 leaders on the day.

Ulta), Alexion Pharmaceuticals (NASDAQ:ALXN), contact-lens maker Cooper Companies (NYSE:COO) and Marathon Oil (NYSE:MRO) were among the worst S&P 500 performers.

Interest rates moved lower with the 10-Year Treasury yield falling to 1.505% from Thursday's 1.516%. The spread between the 10-year yield and two-year yield narrowed to minus 0.77 basis points, continuing the yield inversion that has many concerned a recession may be in the offing. The 2-Year yield was 1.51%.

In addition to the battles over trade and tariffs, next week brings the monthly jobs and unemployment report, the month's most important U.S. economic report.

There is also concern over where Hurricane Dorian will make landfall. The National Weather Service says the storm -- now a Category 3 hurricane but likely to strengthen -- will hit somewhere in Florida, although no one exactly where. One track has the storm coming ashore north of West Palm Beach.

Chip maker Western Digital (NASDAQ:WDC), discount retailer Dollar Tree (NASDAQ:DLTR), Campbell Soup (NYSE:CPB) and casino operator Wynn Resorts (NASDAQ:WYNN) were among the top S&P 500 leaders on the day.

Ulta Beauty Inc (NASDAQ:ULTA), Alexion Pharmaceuticals (NASDAQ:ALXN), contact-lens maker Cooper Companies (NYSE:COO) and Marathon Oil (NYSE:MRO) were among the worst S&P 500 performers.

Stocks - Wall Street Takes Pre-Holiday Breather; Ulta Shares Crash
 

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Peter Dikeakos
Peter Dikeakos Aug 31, 2019 5:01AM ET
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Laconique Battle of modern Waterloo at SP 100 points below the highs.
bon jour
bon jour Aug 30, 2019 9:08PM ET
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Lol, 588 is so pop, especially with long hair and barb.
Hermo Genianus
Hermo Genianus Aug 30, 2019 4:39PM ET
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Why is this guy wearing that cap?
Ryszard Kloszard
Ryszard Kloszard Aug 30, 2019 4:39PM ET
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Robo news with random images I’m guessing..
Jack Mayoffer
Jack Mayoffer Aug 30, 2019 4:39PM ET
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I guess he’s happy that Dow is crashing to 2000.....hik hik
Nathan Dunn
Nathan Dunn Aug 30, 2019 4:39PM ET
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Peter Tuchman, a longtime Wall Street trader that is so often seen in shots of the NYSE
 
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