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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Day Traders Diary

7/29/19

 

The major averages hugged the flat line as investors await key earnings, US/China trade talks starting back up tomorrow and the Federal Reserve's decision on Interest rates on Wednesday. The Dow Jones Industrial Average rose 28 points to 27,221 thanks to Home Depot, Merck and Intel. The S&P 500 fell 4 points while the Nasdaq declined 36 points with Amazon falling 1.5%, Microsoft lost 0.2% and Facebook shed 1.9%. Investors are awaiting Apple reports earnings tomorrow.

The financial sector declined 0.8%. Wells Fargo dropped 2% as the Wall Street Journal indicated the Trump administration plans to make it harder for deeply indebted borrowers to acquire mortgage loans.

The defensive sectors traded higher with the utilities up 0.5%, real estate up 0.5%, health care up 0.4%, and consumer staples up 0.3%.

On the merger front, Mylan rose 12.6% after agreeing to combine with Pfizer's off-patent drug business, giving Mylan shareholders 43% of the combined company. The good news is the CEO is leaving.

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