US close: Markets mixed as investors digest home and manufacturing data
US stocks ended mixed on Monday as investors digested data on pending home sales and regional manufacturing and looked ahead to a busy week.
The Dow Jones Industrial Average finished up 0.28% at 21,891.12, while the S&P 500 fell 0.07% to 2,470.30 and the Nasdaq 100 slid 0.48% to 5,880.33.
With little of note due in terms of earnings on Monday, investors were likely to be looking to Apple's third-quarter numbers the following day.
Consensus expectations are for the tech giant to report earnings per share of $1.57, up 10% from a year ago, and for sales of $44.95bn, up 6%.
“The Dow jumped 60 points after the bell, and is aggressively eyeing the 21900 mark having flirted with that landmark level earlier in the day,” said Spreadex analyst Connor Campbell earlier in the session.
“”There wasn’t all that much to drive the index higher this Monday, with investors perhaps enjoying the calm before the storm of data and earnings brought by the first few days of August.
"Tuesday’s Markit and ISM manufacturing PMIs are joined by Fed-favourite inflation gauge the core PCE price index and, most crucially, Apple’s latest earnings update.”
Tesla finished down 3.46% after chief executive Elon Musk gave details on pricing of its Model 3 at a launch party on Friday evening and said reservations stood at more than 500,000, while Loews nudged up 0.87% as it said it swung to a profit in the second quarter.
Charter Communications rallied 5.85% after a report that Japan's Softbank was looking at buying the cable and internet provider, while Snap shares slipped 1.01% as its IPO lockup expired.
On the data front, the Chicago Business Barometer fell to 58.9 from 65.7n in June, hitting its lowest level in three months and missing expectations for a smaller decline to 60.0
The fall in sentiment was broad-based but concentrated across demand and output.
New orders fell by 11.6 points to 60.3, which was their lowest level since February, while production dropped 6.9 points to 60.8, which was the lowest since April.
Meanwhile, the order backlogs indicator declined 4.9 points from June's 23-year high of 57.9.
“MNI’s July Chicago Business Barometer should be viewed in the context of the underlying, upward trend in business sentiment witnessed since early 2016,” said Jamie Satchie, economist at MNI Indicators.
“Key indicators, despite reversing their June reading, remain above their respective averages set over the last twelve months, and point towards robust confidence among US firms."
Elsewhere, figures from the National Association of Realtors showed US pending home sales rose more than expected in June.
The NAR's monthly index rose 1.5% to 110.2 from an upwardly-revised 108.6 in May - economists had been expecting a 1% increase.
“The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs,” said chief economist at the NAR, Lawrence Yun.
"Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria."
Investors were also mulling geopolitical tensions over the weekend after North Korea tested a second intercontinental ballistic missile, claiming it proved that the whole of the US was within striking range.
That came three weeks after the first ICBM test.
Meanwhile, Russian President Vladimir Putin announced earlier that 755 staff must leave US diplomatic missions in retaliation for new US sanctions against Moscow.
Dow Jones - Risers
Home Depot Inc. (HD) $149.89 1.03%
Chevron Corp. (CVX) $109.22 0.99%
Verizon Communications Inc. (VZ) $48.40 0.96%
Goldman Sachs Group Inc. (GS) $225.24 0.77%
3M Co. (MMM) $201.17 0.73%
Travelers Company Inc. (TRV) $128.09 0.69%
Procter & Gamble Co. (PG) $90.82 0.68%
Johnson & Johnson (JNJ) $132.72 0.66%
Nike Inc. (NKE) $59.05 0.65%
JP Morgan Chase & Co. (JPM) $91.81 0.57%
Dow Jones - Fallers
E.I. du Pont de Nemours and Co. (DD) $82.25 -2.11%
McDonald's Corp. (MCD) $155.15 -0.46%
Microsoft Corp. (MSFT) $72.72 -0.44%
Apple Inc. (AAPL) $148.85 -0.43%
Coca-Cola Co. (KO) $45.84 -0.37%
Merck & Co. Inc. (MRK) $63.88 -0.36%
United Technologies Corp. (UTX) $118.57 -0.25%
Cisco Systems Inc. (CSCO) $31.45 -0.22%
Caterpillar Inc. (CAT) $114.00 -0.13%
Walt Disney Co. (DIS) $109.93 -0.03%
S&P 500 - Risers
SCANA Corp. (SCG) $64.37 5.03%
Affiliated Mgrs Group (AMG) $185.84 4.02%
Costco Wholesale Corp. (COST) $158.51 3.68%
Iron Mountain Inc (New) (IRM) $36.44 3.52%
Diamond Offshore Drilling Inc. (DO) $12.42 3.50%
Valero Energy Corp. (VLO) $68.97 3.42%
Under Armour Inc. Class A (UAA) $20.02 2.98%
Bristol-Myers Squibb (BMY) $56.90 2.95%
AutoZone Inc. (AZO) $539.82 2.45%
Comcast Corp. (CMCSA) $40.45 2.35%
S&P 500 - Fallers
Discovery Communications Inc. Class C (DISCK) $23.13 -9.29%
Discovery Communications Inc. Class A (DISCA) $24.60 -8.21%
Rockwell Collins Inc. (COL) $106.50 -6.33%
Micron Technology Inc. (MU) $28.10 -4.03%
Centene Corp. (CNC) $79.42 -3.95%
Southwestern Energy Co. (SWN) $5.70 -3.88%
EQT Corp. (EQT) $63.74 -3.63%
Range Resources Corp. (RRC) $21.11 -3.48%
TEGNA Inc (TGNA) $14.83 -3.39%
Regeneron Pharmaceuticals Inc. (REGN) $491.62 -3.36%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $391.91 5.85%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $60.58 4.74%
Costco Wholesale Corp. (COST) $158.51 3.68%
Baidu Inc. (BIDU) $226.35 2.89%
Comcast Corp. (CMCSA) $40.45 2.35%
O'Reilly Automotive Inc. (ORLY) $204.30 2.13%
Mattel Inc. (MAT) $20.02 1.96%
Fiserv Inc. (FISV) $128.50 1.80%
Walgreens Boots Alliance, Inc. (WBA) $80.67 1.32%
Automatic Data Processing Inc. (ADP) $118.91 1.30%
Nasdaq 100 - Fallers
Discovery Communications Inc. Class C (DISCK) $23.13 -9.29%
Discovery Communications Inc. Class A (DISCA) $24.60 -8.21%
Micron Technology Inc. (MU) $28.10 -4.03%
Tesla Inc (TSLA) $323.47 -3.46%
Regeneron Pharmaceuticals Inc. (REGN) $491.62 -3.36%
Amazon.Com Inc. (AMZN) $987.78 -3.16%
Viacom Inc. Class B (VIAB) $34.92 -2.08%
Applied Materials Inc. (AMAT) $44.31 -2.07%
Expedia Inc. (EXPE) $156.47 -1.90%
KLA-Tencor Corp. (KLAC) $92.63 -1.88%