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Stock market posts incremental gains, closes at new highs
18-Nov-19 16:20 ET
Dow +31.33 at 28036.13, Nasdaq +9.11 at 8549.94, S&P +1.57 at 3122.03

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

[BRIEFING.COM] The S&P 500 (+0.1%), Dow Jones Industrial Average (+0.1%), and Nasdaq Composite (+0.1%) eked out incremental gains to close at record highs on Monday. The Russell 2000 (-0.3%) closed in negative territory.

The day began with the market digesting a tweet from a China-based CNBC reporter, who said she was informed by a Chinese government source that Beijing is pessimistic about a trade deal because President Trump hasn't supported a tariff rollback. Based on the modest losses and ensuing price action, the market presumably remained optimistic about a Phase One agreement.

The large-cap indices eased their way into positive territory thanks to the turnarounds in the S&P 500 consumer discretionary (+0.3%), information technology (+0.3%), and communication services (+0.3%) sectors. Consistent leaders included the consumer staples (+0.5%) and real estate (+0.5%) sectors, as the negative-sounding trade headline likely fostered some conservative-minded interest.

The trade-sensitive industrials (-0.3%) and materials (-0.2%) sectors were among today's laggards, but their losses were small compared to the 1.3% drop in the energy sector, which was pressured by the decline in oil prices ($57.04, -0.71, -1.2%).

Generally, there wasn't any concerted effort to sell a market trading at all-time highs, but investors weren't eager to embrace risk, either. The trend has been positive, which has likely drawn in some reluctant investors into the market, and today simply may have been a natural breather for a market breaking out to new highs.

Notable corporate news included HP Inc. (HPQ 20.01, -0.17, -0.8%) turning down the takeover bid from Xerox (XRX 39.30, +0.36, +0.9%). HP remained open to a deal, though. Netflix (NFLX 302.57, +7.54, +2.6%) shares outperformed on speculation that either Carl Icahn or Bill Ackman built a large stake in the company.

U.S. Treasuries extended last week's advance, pushing yields slightly lower across the curve. The 2-yr yield declined two basis points to 1.59%, and the 10-yr yield declined three basis points to 1.81%. The U.S. Dollar Index declined 0.2% to 97.80.

Separately, the NAHB Housing Market Index for November declined to 70 from 71 in October. Investors will receive Housing Starts and Building Permits for October on Tuesday.

Nasdaq Composite +28.9% YTD
S&P 500 +24.5% YTD
Dow Jones Industrial Average +20.2% YTD
Russell 2000 +18.1% YTD

Market Snapshot
Dow 28036.13 +31.33 (0.11%)
Nasdaq 8549.94 +9.11 (0.11%)
SP 500 3122.03 +1.57 (0.05%)
10-yr Note +2/32 1.810
NYSE Adv 1247 Dec 1639 Vol 829.3 mln
Nasdaq Adv 1347 Dec 2.0 bln Vol 2.0 bln

Industry Watch
Strong: Consumer Staples, Real Estate, Consumer Discretionary
Weak: Energy, Health Care, Industrials, Materials

Moving the Market

-- Large-cap indices post incremental gains to close at new highs

-- China-based CNBC reporter says Beijing is pessimistic about a trade deal because President Trump did not endorse a tariff rollback, per government source

-- Oil prices decline, Treasuries gain

-- Relative strength in the real estate and utilities sectors

WTI crude gives back 1% amid nervous-sounding trade headline
18-Nov-19 15:25 ET
Dow +22.66 at 28027.46, Nasdaq +8.07 at 8548.90, S&P +0.31 at 3120.77

[BRIEFING.COM] The S&P 500 currently trades at its unchanged mark. Trade has been at the forefront of headlines, but today could simply be a natural breather for a market hitting record highs.

One last look inside the S&P 500 shows the real estate (+0.5%) and consumer staples (+0.5%) sectors continuing to outpace the broader market, while the energy sector (-1.4%) remains today's laggard amid a decline in oil prices.

WTI crude futures settled down $0.71 (-1.2%) to $57.04/bbl amid lingering trade concerns that followed reported pessimism from China.