BREAKING: Futures Rise Amid Big Tech Earnings Movers
The major stock market indexes are all in the red, with indexes worsening in the last hour and at the lows of the day.
The Nasdaq composite was down 1.7% while the S&P slid 1.1%. The Dow Jones Industrial Average lost 0.6%. The small-cap Russell 2000 fell 1%. The Nasdaq 100-tracking ETF Invesco QQQ Trust (QQQ) dropped 1.9%.
NYSE volume was up 11.1% and Nasdaq volume was up 3.4% vs. the same time on Monday. Natural gas futures rose 3.3%, the highest level since 2008.
The May Case-Shiller Home Price Index came in lower than expected, up 1.5% vs. a consensus estimate of a 1.6% increase. The index tracks monthly changes in the value of residential real estate in 20 metropolitan cities across the country. Periods of rising home values encourage new construction while periods of declining home prices can soften housing starts. Increases in home values allow consumers to tap into home equity for loans, and are an indicator of consumer spending and in consumer financial health.
The July Consumer Confidence Index came in at 95.7, lower than the 96.8 consensus. The report measures 3,000 households across the country on their perception of employment and business conditions, and their expectations for the next six months. Consumer confidence can give insight into consumer spending habits.
Dollar Tree (DLTR) slid 5.4% in sympathy with the disappointing Walmart (WMT) outlook, dropping back below its 166.45 buy point of a cup-with-handle base. The stock is sitting below its 21-day exponential moving average but holding above the 50-day moving average.
AutoZone (AZO) lost 2.9% in light volume, and is below its latest cup-with-handle buy point of 2,130.60. AZO stock is also finding support at the 50-day line.
The SPDR Select Retail ETF (XRT) was down 3.9% showing weakness in the group.
UnitedHealth Group (UNH) was up 0.9% and broke out from a cup-with-handle base on the weekly chart in MarketSmith, which identified a 534.15 buy point. The stock remains in buy range from an earlier 518.80 buy point.
The IBD 50 company has a 95 Composite Rating and an Earnings Per Share Rating of 89. The stock is on IBD Leaderboard. Argus Research raised its price target to 650 from 580 and maintained its buy rating on the stock. Mutual funds have been adding the stock, held by 5,257 funds in June, up from 5,059 in March and 4,873 in December.
Cheniere Energy (LNG), a producer and transporter of liquefied natural gas, was up 2.1% on the strength in natural gas. Shares are within 5% of the 150.10 buy point. The relative strength line hit a new high.
Pulte Group (PHM), the third largest homebuilder in the U.S., dropped 2.5% on a mixed Q2 earnings report. The company said its sales and profit grew in the second quarter on higher demand and average sales price, but that wasn’t enough to lift the stock.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, was down 0.2%.
Graphic Packaging (GPK), a commercial food packaging manufacturer, gained 4.6% on heavy volume after reporting a beat on Q2 sales. The company said it’s on track to meet or exceed 2022 milestones.
Cadence Design Systems (CDNS), a software designer, was up 2.5% after reporting a positive Q2 earnings report Monday after market close. The stock is in an undefined base with a buy point of 192.80. The relative strength line climbed to a new high on the chart, a positive sign.
Li Auto (LI), the Chinese EV maker, was the IBD 50 biggest loser, dropping 3.6%.
Crude oil futures lost 1.2% to $95.53 per barrel. Bitcoin futures sunk 5.1%, back below the $21,000 level, to $20,760.
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*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
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