Day Traders Diary



    Stocks advanced for a fourth straight session on Tuesday, with the S&P 500 climbing 0.3% to 2858. The benchmark index is now within 0.5% of its January 26 record high. The tech-heavy Nasdaq Composite climbed 0.3% as well, and the blue-chip Dow Jones Industrial Average rose 0.5%.

    The S&P 500 largely trended sideways from start to finish, keeping between +0.2% and +0.5%. Gains were broad-based, with seven of eleven sectors finishing in the green. Economically-sensitive groups led the way, with energy (+0.7%) and industrials (+0.7%) being the top performers.

    The top-weighted information technology sector got off to a good start, but fell back in line with the broader market as Apple (AAPL 207.11, -1.96, -0.9%) dropped for the first time since its July 31 earnings release -- which fueled a wave of buying, helping to push the company's market cap above $1 trillion.

    Four sectors finished in negative territory, with consumer staples (-0.6%) being the weakest performer. Dean Foods (DF 8.04, -1.43, -15.1%) weighed on the space after its above-consensus earnings and revenues were overshadowed by disappointing guidance for FY18.

    In other earnings news, Marriott (MAR 124.43, -4.85, -3.8%), Weight Watchers (WTW 78.53, -13.68, -14.8%), and Zillow (ZG 49.40, -9.60, -16.3%) all tumbled after reporting their quarterly results, while Emerson (EMR 74.66, +3.04, +4.2%), Etsy (ETSY 43.84, +1.41, +3.3%), and Mosaic (MOS 31.70, +1.60, +5.3%) advanced.

    Tesla (TSLA 379.57, +37.58, +11.0%) became the focal point of an otherwise quiet session after Elon Musk tweeted that he's considering taking the company private for $420/share and has already secured funding to do so. Shares were halted after an initial spike, but added to their gains when trading resumed, hitting an 11-month high.

    Away from equities, Treasuries tumbled on Tuesday, sending yields higher across the curve, with the benchmark 10-yr yield jumping three basis points to 2.97%. Meanwhile, the U.S. Dollar Index slipped from a 13-month high, dropping 0.2% to 95.00, and the CBOE Volatility Index slid 3.1% to 10.92 -- its lowest level since January.

    Reviewing Tuesday's economic data, which was limited to the June Consumer Credit report and the June Job Openings and Labor Turnover Survey:

    • The Consumer Credit report for June showed an increase of $10.2 billion ( consensus $15.5 billion). May credit growth was revised to $24.3 billion from $24.6 billion.
    • The June Job Openings and Labor Turnover Survey showed that job openings increased to 6.662 million from a revised 6.659 million (from 6.638 million) in May.

    Looking ahead, Wednesday's lone economic report, the weekly MBA Mortgage Applications Index, will cross the wires at 7:00 AM ET.

    • Nasdaq Composite +14.2% YTD
    • Russell 2000 +10.0% YTD
    • S&P 500 +6.9% YTD
    • Dow Jones Industrial Average +3.7% YTD
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