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Stocks Show Little Movement on Columbus Day
14-Oct-19 16:15 ET
Dow -29.23 at 26787.36, Nasdaq -8.39 at 8048.65, S&P -4.12 at 2966.15

https://www.briefing.com/stock-market-update

[BRIEFING.COM] The major averages began the week on a very quiet note. The S&P 500 shed 0.1% after spending the day in a ten-point range while the Dow Jones Industrial Average (-0.1%) and Nasdaq (-0.1%) also settled just below their flat lines. The Russell 2000 lost 0.4% after showing relative strength on Friday.

Last week featured a torrent of headlines related to trade negotiations between officials from China and the U.S., so it wasn't too surprising that the market remained focused on what was and wasn't accomplished during Friday's talks.

Overnight reports in Chinese media spoke about last week's negotiations in conservative terms, prompting worries that the signing of the "phase one" deal will remain elusive. These worries weighed on equity futures in early-morning trade, but a recovery took place after President Trump and Treasury Secretary Mnuchin reiterated that the partial deal will be finalized and signed in time for the Asia-Pacific Economic Cooperation summit in Chile in mid-November.

The comments from top U.S. officials helped the major averages start near their flat lines, but investors who took part in today's holiday session were not eager to push the market in either direction. As a result, fewer than 650 million shares changed hands at the NYSE floor.

Nine out of eleven sectors settled in the red, but only three sectors—materials (-0.8%), utilities (-0.7%), and consumer staples (-0.4%)—lost more than 0.2%. On the flip side, financials (+0.1%) and real estate (+0.1%) eked out slim gains.

Bank stocks like Citigroup (C 70.24, +0.14, +0.2%), Goldman Sachs (GS 205.82, +1.14, +0.6%), JPMorgan Chase (JPM 116.45, +0.31, +0.3%), and Wells Fargo (WFC 49.27, +0.06, +0.1%) outperformed modestly leading up to the release of their Q3 results tomorrow morning.

Market participants did not receive any economic data today, and tomorrow's data will be limited to the 8:30 ET release of the Empire State Manufacturing Survey for October (Briefing.com consensus -1.0).

Nasdaq +21.3% YTD
S&P 500 +18.3% YTD
Dow Jones Industrial Average +14.8% YTD
Russell 2000 +11.6% YTD

Market Snapshot
Dow 26787.36 -29.23 (-0.11%)
Nasdaq 8048.65 -8.39 (-0.10%)
SP 500 2966.15 -4.12 (-0.14%)
10-yr Note UNCH 1.752
NYSE Adv 1275 Dec 1569 Vol 631.5 mln
Nasdaq Adv 1234 Dec 1828 Vol 1.40 bln

Industry Watch
Strong: Financials, Health Care, Consumer Discretionary
Weak: Industrials, Consumer Staples, Utilities, Materials

Moving the Market

Reduced participation expected due to Columbus Day: bond market closed

Some questions about amount of progress achieved by "phase one" deal with China