Equity Brief: Indices Close Flat in Lackluster Summer Monday Dealing
Matt Weller, CFA, CMT July 15, 2019 4:00 PM
Index names may not reflect tradable instruments and not all markets are available in all regions.
- US indices closed mostly flat in lackluster Summer Monday dealing. The S&P 500 saw its narrowest range since September and the Nasdaq 100 traded in its smallest range since December 2017.
- Utilities (XLU) were the strongest major sector on the day while energy (XLE) was the weakest.
- US President Trump tweeted that China “wants to make a deal” after the country posted its lowest GDP growth reading in 27 years and that there was “possibly much more to come” in terms of tariffs on the country. Separately, NBC reported that Trump was considering removing his Commerce Secretary Wilbur Ross, a big advocate for tariffs.
- Stocks on the move:
- Symantec (SYMC) dumped 11% after the company ceased negotiations to buy Broadcom (AVGO, +1%)
- AB Inbev (BUD) gained 3% after calling off the expected $10B IPO of its Asian business.
- Gilead Sciences (GILD) tacked on 2% after it said it would increase its stake in Galapagos NV (GLPG, +19%) by $5.1B.
- Bayer (BAYRY) is gaining 3% after the close on news that the company's fine related to Roundup has been reduced to $25.3M.
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