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24 July 2017
 |
| U.S. stock markets (The Total Investment & Insurance Solutions) |
U.S. stock indexes dipped Monday, ahead of a busy week of corporate
earnings reports and a meeting of the Federal Reserve. Global stock markets
were mixed, while the price of oil rose.
KEEPING SCORE: The Standard & Poor's 500
index fell 4 points, or 0.2 percent, to 2,468, as of 11:30 a.m. Eastern time.
The Dow Jones industrial average fell 69 points, or 0.2 percent, to 21,511. The
Nasdaq composite dipped 1 point, or less than 0.1 percent, to 6,386.
If the S&P 500 ends the day lower, it
would mark the first three-day losing streak for the index in a month. The
recent declines have been mostly modest though, and the S&P 500 remains
within a quarter of a percent of its record close. The Total Investment & Insurance Solutions
EARNINGS WAVE: More than a third of the
companies in the S&P 500 are scheduled to report their second-quarter
earnings this week, including many big technology names.
Analysts are expecting another round of
strong reports this quarter and are calling for overall growth of 7.5 percent
in earnings per share, according to S&P Global Market Intelligence. They've
been ratcheting up their forecasts in recent weeks - the call was for 6.1
percent growth a month ago - due to higher forecasts for technology and
industrial companies.
If the stronger earnings do come through, it
would help justify the big move stock prices have made to record highs this
year. The Total Investment &
Insurance Solutions
FED FACTOR: The Federal Reserve's
policymaking committee begins a two-day meeting on Tuesday, following its
decision last month to raise short-term interest rates for the third time since
December. The central bank also announced plans to start gradually paring its
bond holdings later this year, a move that could cause rates to rise. Investors
in recent weeks have questioned whether the European Central Bank will begin to
tap the brakes on its own stimulus for the economy.
NERFED: Hasbro fell $10.32, or 8.9 percent,
to $105.63 for the deepest loss among stocks in the S&P 500, despite
reporting stronger-than-expected earnings for the latest quarter. The stock had
already been up nearly 50 percent for the year before the earnings release, and
analysts said some investors may have been nervous after Hasbro cited some
softness in its Brazil and U.K. markets.
IMF'S FORECASTS: The International Monetary
Fund raised its forecast for economic growth this year in Europe, Japan and
China. But it also cut its outlook for the United States after Washington has
had a more difficult time than expected in pushing through corporate tax cuts
and other pro-business legislation. On the whole, the IMF left its forecast for
worldwide economic growth at 3.5 percent.
MARKETS ABROAD: Japan's Nikkei 225 lost 0.6
percent, and South Korea's Kospi inched up 0.1 percent. Hong Kong's Hang Seng
added 0.5 percent, and India's Sensex added 0.7 percent.
In Europe, France's CAC 40 rose 0.2 percent,
Germany's DAX fell 0.2 percent and the FTSE 100 in London dropped 1.2 percent. The Total Investment & Insurance
Solutions
COMMODITIES: Benchmark U.S. crude rose 59
cents, or 1.3 percent, to $46.36 per barrel. Brent crude, the standard for
international oil prices, rose 49 cents to $48.80.
Natural gas fell 7 cents to $2.91 per 1,000
cubic feet, while heating oil and wholesale gasoline were both close to flat. The Total Investment & Insurance
Solutions
Gold rose $1.50 to $1,256.40 per ounce,
silver gained 3 cents to $16.4 per ounce, and copper added a penny to $2.73 per
pound. The Total Investment &
Insurance Solutions
YIELDS: The yield on the 10-year Treasury
note was close to flat at 2.24 percent, and the two-year yield held steady at
1.34 percent. The Total Investment
& Insurance Solutions
CURRENCIES: The euro dipped to $1.1647 from
$1.1677 late Friday, and the British pound rose to $1.3030 from $1.3007.The Total Investment & Insurance Solutions
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