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Little Changed
28-Aug-18 16:25 ET
Dow +14.38 at 26064.02, Nasdaq +12.14 at 8030.06, S&P +0.78 at 2897.26

https://www.briefing.com/investor/markets/stock-market-update/2018/8/28/little-changed.htm

[BRIEFING.COM] The S&P 500 (unch) eked out a very narrow victory on Tuesday, closing at a new record high for the third session in a row. The Nasdaq Composite (+0.2%) and the Russell 2000 (unch) also notched new records, and the Dow Jones Industrial Average (+0.1%) finished at its best level since early February.

It was a range-bound day of trading, with the S&P 500 keeping between -0.1% and +0.2%. Seven of eleven sectors finished in the red, but losses were pretty modest. The top-weighted technology sector (+0.2%) was an advancer, helping to mitigate losses from energy (-0.5%), materials (-0.4%), and consumer staples (-0.3%).

As for individual stocks, retail earnings were in focus once again. Best Buy (BBY 77.57, -4.09) tumbled 5.0% after downbeat Q3 guidance overshadowed upbeat Q2 results. Meanwhile, DSW (DSW 32.70, +5.50) spiked 20.2% and Tiffany & Co (TIF 131.07, +1.29) added 1.0% after both companies beat top and bottom line estimates.

Looking at other markets, U.S. Treasuries moved lower, sending yields higher across the curve, with the benchmark 10-yr yield climbing four basis points to 2.88%. Meanwhile, West Texas Intermediate crude futures slid 0.4% to $68.58/bbl, and the U.S. Dollar Index slipped 0.1% to 94.62, testing its August low.

In Washington, Canada came back to the NAFTA negotiating table on Tuesday after the U.S. and Mexico reached a bilateral trade agreement on Monday. President Trump has warned that he could proceed without Canada, but U.S. officials are optimistic that a deal can be reached by the end of the week.

Reviewing Tuesday's economic data, which included Advanced International Trade in Goods and Advanced Wholesale Inventories for July, the S&P Case-Shiller Home Price Index for June, and the Consumer Confidence Index for August:

The Advance report for International Trade in Goods for July showed a deficit of $72.2 billion, and the Advance report for Wholesale Inventories for July rose 0.7%.
The Case-Shiller 20-City Index increased 6.3% in June (Briefing.com consensus +6.4%), and the May increase was left unrevised at 6.5%.
The consumer confidence reading for August increased to 133.4 (Briefing.com consensus 126.5) from the prior month's revised reading of 127.9 (from 127.4).
The key takeaway from the report is that the high confidence levels should support solid consumer spending in the near term, particularly since consumers have a better outlook for their short-term income prospects.

Looking ahead, investors will receive the second estimate of Q2 GDP, July Pending Home Sales, and the weekly MBA Mortgage Applications Index on Wednesday.

Nasdaq Composite +16.3% YTD
Russell 2000 +12.6% YTD
S&P 500 +8.4% YTD
Dow Jones Industrial Average +5.4% YTD