Major Indexes Fall Alongside Consumer Sentiment

The market is brushing off strong earnings results and retail data

Deputy Editor
Jul 16, 2021 at 4:29 PM
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The Dow closed nearly 300 points lower today, after a worse-than-expected U.S. consumer sentiment report showed a reading of 80.8 in July, which is the measure's lowest level since February, and nearly five points lower than the previous month. The report also showed consumers expecting a 4.8% increase in cost of living in the next year, marking the number's highest level since August 2008. The S&P 500 and Nasdaq closed lower as well, as the broader market brushed off several strong earnings reports and a 0.6% increase in U.S. retail sales for June, which is much better than Wall Street's expected 0.4% decline. For the week, all three major benchmarks fell lower, snapping their respective three-week win streaks.

Continue reading for more on today's market, including:

  • The latest Reddit stock short sellers are targeting. 
  • Intel in the spotlight amid potential billion-dollar buyout. 
  • Plus, behind FUBO's pop; MRNA set to join S&P 500; and LYV's brand-new bull note. 

The Dow Jones Average (DJI - 34,687.85) dropped 299.2 points, or 0.9% for the day, and 0.5% for the week. Of the 30 Dow components, Procter & Gamble (PG) saw the biggest jump, adding nearly 1%, while Dow Inc (DOW) landed at the bottom of the list with an 3.1% loss.

The S&P 500 Index (SPX - 4,327.16) shed 32.9 points, or 0.8% for the day, and 1% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,427.24) lost 115.9 points, or 0.8% for the day, and 1.9% for the week. 

Lastly, the Cboe Volatility Index (VIX - 18.45) added 1.4 points, or 8.5% for the day, and 14% for the week.

indexes July 16

nyse nasdaq 0712

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  2. U.S. Treasury Secretary Janet Yellen will meet next week to discuss stablecoins and their role in the financial system. (CNBC)
  3. Sports betting update sends FUBO higher. 
  4. MRNA gapped to record highs following SPX news.  
  5. Goldman Sachs initiated coverage on this reopening play

Earnings July 16

Unusual Options Activity July 16

Oil Falls for the Week 

Oil prices rose today, though supply/demand concerns amid the surge of Covid-19 cases are still on investors' minds, as well as concerns regarding the unity of the Organization of Petroleum Exporting Countries and its allies (OPEC+) on production levels. August-dated crude rose 16 cents, or 0.2%, to settle at $71.81 a barrel. For the week, however, prices fell 3.7%, logging their biggest one-week drop for a front-month contract since late March. 

Gold futures snapped their three-day win streak today, though the commodity did log its fourth-straight weekly win. August-dated gold fell $14, or 0.8%, to settle at $1,815 an ounce today, but managed a 0.2% gain for the week. 


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